Alfred McAlpine's new businesses perform to expectations

Housebuilder Alfred McAlpine said its group's financial performance for the year has increased in line with expectations, with the
second half representing a similar proportion to that in 2001.

In a trading update for the financial year ended 31 December 2002, CEO Oliver Whitehead said: "We are very pleased with the performance of our new businesses.

"The markets in which the group operates are robust and the board is confident that our performance will improve in line with expectations."

The key strategic event of the year was the acquisition of Stiell Facilities, the company said, adding that this acquisition added an established and fast growing facilities management capability to the group's range of services.

"The group intends to continue to develop and grow the scale of its core businesses by acquisition and organic investment", it said.