In the year to 31st December 2022, McAleer & Rushe Construction Contracts UK turned over £404.3m (2021: £400.5m) and made a pre-tax profit of £12.1m (2021: £15.0m).
The operating profit margin softened from 3.7% in 2021 to 2.9% in 2022.
The annual report notes that 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,” writes finance director Eamon Higgins.
However, 2023 has seem some stability return to the market, he said.
Turnover for 2023 is projected at £425m, having secured new contracts worth £440m in the first half of the year in Greater London, the Midlands and Scotland. Clients include Greystar, Goodstone Living and Braeburn Estates.
Managing director Martin Magee said last month ahead of the accounts being published: “Our strong financial position and sustained growth over recent years reflects our reputation as a reliable and competitive construction partner that delivers excellence on each and every project we undertake for a broad range of clients and funders.
“Specific areas of growth include an ever-increasing portfolio of residential developments, the latest additions being two significant schemes in London, worth a combined £228 million, and which will deliver new homes in both the prime residential for sale and affordable markets.
“It is the dedication, expertise and attention to detail of our teams, supported by our long-standing supply chain which underpins our success and has allowed us to tackle the current and recent industry headwinds.
It has also enabled the company to continually look to improve our offer to clients, evolve as a business and seek to grow our footprint into new markets such as co-living, cut & carve and later living where we are seeing an increasing level of enquiries.”
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