Business

MRP reports pre-tax profit of £30m for 2021

McAleer and Rushe returned as the main sponsor for Tyrone GAA in January 2022.

THE investment and development arm of Co Tyrone construction group McAleer and Rushe has reported a pre-tax profit of £30 million for 2021.

A new set of accounts from MRP Land show it took a 13.5 per cent hit to its revenues last year. The division recorded a revenue of £83.4m for the 12 months ending September 31 2021, compared to £96.4m the year before.

But profits remained largely intact, with operating profits up 25 per cent to £22.5m for the year. After investment income and the revaluation of investment property was factored in, MRP Land recorded a profit of £26.9m before tax.

Originally set up in 1967 by Seamus McAleer, Eamon Laverty joined the Cookstown business four years later as chief executive. Both men remain key figures within the company.

The business is now largely split into two clear divisions: One to manage property development and group investments (MRP), and a second design and build subsidiary, for its major construction arm.

Both ‘McAleer and Rushe' and the MRP branding adorn Tyrone GAA shirts after the company returned as the main sponsor of the men's football and hurling county teams in January 2022.

Last month McAleer and Rushe Construction Contracts UK Limited reported a record £400 million in revenue for 2021.

Turnover bounced back by 38 per cent year-on-year, outperforming both 2018 and 2019.

Pre-tax profits for the year were up 73 per cent to £15m for the 12 months ending December 31 2021.

In a strategic report for MRP, signed off by Eamon Laverty, the directors reflected on “a strong financial performance” in 2021.

“The group continues to build its footprint across the UK and Ireland, focusing on four core development sectors and has a healthy pipeline of projects coming through for the upcoming years.

“The company's continued financial strength sees it well positioned given the current market conditions and inflation pressures within the industry.”

Both divisions of the company are ultimately owned by trustees of the Swiss Centre Corporate Capital Trust, which includes both members of the McAleer and Laverty families.

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