Northern Ireland- based firm McLaughlin & Harvey has returned to profit while increasing in cash at the bank and net assets in its latest annual results.
Turnover for the year ended 30 June 2024 increased 89.1 per cent up from £460.4 million in 2023 to £870.4 million, generating pre-tax profits of £12 million (2023: -£9.2 million).
Meanwhile, the firm’s construction and civil engineering arm saw turnover of £782.7 million, 89.92 per cent of the group’s annual turnover.
Cash at bank for 2024 was £147 million with no borrowings, while net assets of £58.4 million (2023: £23.8 million).
Pre-tax profits for 2024 included £3.4 million of asset impairment costs, related to the decision to cease landfill operations at the remaining operating landfill site within its subsidiary Barr Environmental Limited.
M&H claimed the disappointing results in 2023 were in part due to the 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.
Philip Cheevers, group chief executive, said: “Our reported results show a return to profitability in the financial year, with all parts of the business contributing positively to performance.
“The business continues to benefit from a diversified portfolio of work in both the private and public sectors across our target industries, with a focus on winning new work via two-stage tender processes and frameworks, whilst developing long-standing client relationships.
“Looking forward, the current construction and civil engineering order book is in a positive position, with the majority of budgeted turnover secured for the financial year ahead.”
The privately owned firm employed 872 direct employees in 2024, with ‘thousands more’ indirectly employed throughout the UK and Ireland via its supply chain.
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