Co Tyrone construction giant McAleer & Rushe grows turnover by 18% to almost £400m
CO Tyrone construction giant McAleer & Rushe has seen its turnover rise by almost a fifth to just shy of £400 million, on the back of securing major contracts in England.
The award-winning company has recorded another stellar financial year, with revenue in its construction arm, McAleer & Rushe Contracts UK, rising by 18 per cent in 12 months from £334.1m to £395.2m.
Success was recorded in both the firm's key UK market, which accounts for 89 per cent of business (£352.8m) and in the rest of Europe sector, which now makes up over 10 per cent of company turnover (£42.4m).
Turnover growth has translated into a surge of a quarter (25 per cent) in pre-tax profit, which has risen from £13.4m to £16.8 in the year ending December 2018.
Meanwhile cash in the bank swelled by a quarter from £47.4m to £59.4m.
The construction firm also grew staff numbers during 2018, with the workforce now at 332, a rise of over 10 per cent on the previous year.
In the strategic report, published alongside the accounts, the company directors said the latest results were in line with expectations.
"The company continued to build on the strong platform established in recent years and, with the progression of several larger schemes to their latter stages through the year, further turnover growth was delivered," they said.
"The resultant profit from increased activity is reflected in the company's cash position at year end and the lack of reliance on bank facilities remains a strategic goal."
According to the report McAleer & Rushe had 24 projects on site at the end of last year, including a £131m residential scheme at Wembley in London as well as two student schemes in Bournemouth worth a combined £64m.
The directors revealed, however, that the company turned down contracts last year in order to ensure it delivers its projects on time.
"Despite the availability of work during the year the company has not taken up all opportunities presented to ensure focus remains on the timely and cost focused delivery of a manageable workload," they said
It is also stated in the report, written last month, that the company is close to "securing a number of further larger scale contracts with both new and existing clients".
Looking ahead the construction firm is targeting a "comparable performance" in 2019.
"The company will remain focused on staff and experience retention to again target minimal staff turnover in 2019 and allow jobs to completed by the teams that start them," the directors added.