For the year to 31st July 2020 McLaren Construction Limited made an operating loss of 拢15.5m (2019: 拢3.5m profit) on turnover down 19% at 拢525.8m (2019: 拢650.9m).
The company made a loss before tax of 拢10.1m (2019: pre-tax profit of 拢2.6m).
What specifically hurt McLaren鈥檚 numbers for the year was a 拢19.4m exceptional loss attributed to the cancellation of an infrastructure contract within its Midlands and North subsidiary.
While the specifics of the case are not mentioned, it is known that McLaren was embroiled in a legal dispute with ABB over the termination of a delayed contract in May 2019 to build a converter station in Blyth for a subsea transmission cable. -v- )
The matter appears to be closed now. A footnote to the account states: 鈥淭he contract loss has been fully provided for with the parties having reached a settlement. The directris are confident no additional costs will be incurred."
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