Design and build contractor McAleer & Rushe looks set to hit its £500 million turnover target this year, as it announces a projected reach of £550 million based on contracts secured in 2024.
Turnover for the year end 31 December 2024 was £491.5 million, up from £436.3 million in the previous recorded year.
The 12.6 per cent increase was helped by project wins in the residential, student accommodation, and leisure markets. The company also entered the later living sector.
A pre-tax profit of £16 million was generated (FY2023: £11 million) – a 45.5 per cent increase.
An operating profit of £13.2 million was delivered last year, rising from £8.7 million in the previous year.
Profit for the financial year was £12.9 million (FY2023: £9.3 million).
Net assets at 31 December were valued at £65 million, up from £60.6 million in FY2023, with cash at £71 million, up from £53.1 million the year before.
Company directors recommended a dividend of £8.5 million, up from £6 million in the previous period.
Contracts won by the firm last year include a £220m residential scheme in Bermondsey, a £105 million Crutched Friars student accommodation in London, and a £40m Croke Park hotel in Dublin.
The Cookstown-headquartered firm is also investing in its London headquarters with an extension and refurbishment of its Drury Lane flagship office expected to be completed this summer.
“Building on contracts in 2024 and since, turnover for 2025 is projected to reach £550 million,” the company said.
“The company remains focused on staff retention and continuing to expand its supply chain on an ongoing basis but not to materially expand its number of active sites.
“The company’s continued financial strength leaves it well positioned to secure further work and maintain increased turnover levels going forward.”
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