McLaughlin & Harvey (M&H) has published a ‘disappointing’ set of financial results after a ‘turbulent’ trading period.
Turnover for the year ended 30 June 2023 was £460.4 million, down slightly from £469 million in the prior 18-month period.
Gross profit for the County Antrim-headquartered contractor was £4.3 million, down from £29.4 million in 2022.
The group reported an operating loss of £9.4 million, compared to a £7.1 million profit in the previous 18-month period.
M&H posted a pre-tax loss of £9.2 million (2022: £7.1 million profit).
The group saw a £6.5 million loss for the year, compared to a £6.4 million profit in the 18 months before.
Shareholders’ funds reduced by £8.7 million in the financial period.
Net assets were valued at £23.8 million (2022: £32.6 million).
“The directors are extremely disappointed with the financial outturn in the year which has been severely impacted by a small number of projects which have required provisions to be made against potential losses,” said the group.
“In the period, McLaughlin & Harvey Limited continued to experience the turbulent effect of a multitude of factors impacting the construction industry including the lingering impact of Covid related delays, geopolitical turbulence on prices and availability within the supply chain and the labour shortages witnessed in the UK as a whole.”
The Belfast contractor also has offices in Glasgow, Birmingham, Bristol and London.
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