THE construction end of the McAleer and Rushe business generated a record £400 million in revenue last year, a new set of company accounts has shown.
McAleer and Rushe Construction Contracts UK Limited saw its turnover bounce back by 38 per cent in 2021 to outperform both 2019 and 2018, the latter being its previous best year on record.
The Cookstown-based design and build business, which this year returned as the main shirt sponsor of Tyrone’s GAA county teams, saw pre-tax profits rise 73 per cent to £15m for the 12 months ending December 31 2021.
That was higher than 2019 (£13.7m) and close to its most profitable year to date in 2018, when it recorded a profit before tax of £16.8m.
McAleer and Rushe is split into two main divisions, its design and build division and its more profitable development and investment business, known as MRP.
The group has not yet disclosed its 2021 results for MRP, but its latest accounts show it generated a revenue of £96.4m for the year ending September 30 2020.
It left the property division with a pre-tax profit of £28.1m for the year.
Reflecting on the £400m generated by its construction end in 2021, McAleer and Rushe’s directors said it was in line with expectations.
“The majority of projects that incurred Covid related programme impacts were completed in the year or in the early months of 2022.
“This included the successful handover of three student schemes in August and September 2021, all for the same client.
“Turnover for the 2022 financial year is projected at £425m, in line with the controlled growth strategy of the group.
“The group signed two large residential contracts and 2021 with key repeat clients, Taylor Wimpey Central London and Legal & General.
“These awards reflect increased funder focus on residential sector during 2021.
“The directors have assessed recent supply chain inflation pressures, and are confident these are fairly reflected in the reported results for 2021 The group's continued financial strength sees it well-positioned to consider such contract opportunities as current market may present in the months ahead.”
Recent deals announced by the group in the current financial year include a £23m hotel project on Chapel Street in Manchester city centre to be delivered under the Maldron brand of Ireland’s largest hotel operator, Dalata Hotel Group.
In January, the group announced a £42m contract with Global Student Accommodation (GSA) to redevelop a 1970s office building into a 684-bed student residence in Norwich city centre.
