McAleer and Rushe is targeting turnover of more than £500 million next year, as it seeks to build on year-on-year revenue increases coming from large contracts in the residential sector.
Turnover for the year ended 31 December 2023 was £436.3 million, up from £404.3 million in the previous recorded year, generating a pre-tax profit of £11 million (FY2022: £12.1 million).
The Cookstown-headquartered design and build contractor delivered an operating profit last year of £8.7 million, down from £11.6 million in the previous year.
Profit for the financial year was £9.3 million (FY2022: £10.1 million).
At 31 December, net assets were valued at £60.6 million, up from £57.2 million in FY2022, with cash at £53.1 million, up from £45 million the year before.
Company directors recommended a dividend of £6 million, down from £7 million in the previous period.
Targeting £500 million in 2025
“Building on contracts secured in 2023, turnover for 2024 will increase to reach £450 million,” the business said. “The company has also secured site starts on over £350 million of contracts to date in 2024.
“These new contracts are majority residential and of above-average size and will contribute to further growth in turnover to £500 million+ in 2025.”
It added: “The company is focused on continuing to expand its supply chain on an ongoing basis but not its number of active sites.
“The company’s continued financial strength sees it well positioned to consider such contract opportunities as the market may present going forward.”
McAleer and Rushe has locations in London, Belfast, Dublin, and Cookstown.
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