The design & build contractor says that its turnover for both 2022 and 2023 has suffered from the fall-out of the September mini-budget that sent shockwaves through the economy.
Accounts filed by McAleer & Rushe Contracts UK Limited for the year to 31st December 2022 show turnover up just 1% at £404.3m (2021: £400.5m).
With administrative expenses rising 13%, profitability was hit. Profit before tax was down 19% at £12.1m (2021: £15.0m).
“A number of target contracts were impacted by the political and financial market events in the second half of the year. This resulted in some dampening of turnover growth otherwise projected for 2023 and beyond,” finance director Eamon Higgins wrote in the accounts.
There has, however, been a modest bounce-back.
“Turnover for 2023 is projected at £425m (with over £400m from signed contracts at this point). Early 2023 has brough more market stability and the company has signed three large residential contracts in 2023 to date, one on London’s South Bank, with a number of other sizable contract awards targeted for the months ahead. These awards reflect the company’s increased focus on residential projects and will deliver turnover growth above recent levels as these projects are delivered on site.”
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