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Fri July 19 2024

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McAleer & Rushe to hit £500m turnover next year

13 Jun Building contractor McAleer & Rushe is on course to increase turnover to £500m in 2025, up from around £400m in 2022.

Accounts published by McAleer & Rushe Contracts UK Ltd for the year to 31st December 2023 show turnover up 8% to £436.4m, up from £404.3m in 2022.

Due to an increase in the cost of sales during the year, operating profit in 2023 was down 24% to £8.7m (2022: £11.6m) while pre-tax profit was £11.0m (2022: £12.1m).

Shareholders took out a dividend of £6m (2022: £7m).

Finance director Eamon Higgins revealed in the annual report that, building on contracts secured in 2023, turnover is expected to reach £450m this year and £500m in 2025.

Contracts completed in 2023 included the Exchange Square Premier Inn Hotel in Birmingham, a build-to-rent scheme in Brighton for Legal & General and student accommodation schemes in Norwich and Belfast.

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