McAleer & Rushe set for record year after 2022 profit fall

McAleer & Rushe is set for a record year having secured new contracts worth £440m in the first six months of 2023 in Greater London, the Midlands, and Scotland.

The bounce back follows a disappointing performance in 2022 that saw pre-tax profit fall 19% to £12m from revenue flat at £404m, according to newly-published accounts.

Project delays also caused year-end net cash to slip back to £45m from £59m previously.

But several residential and student accommodation project wins in 2023 for clients and investors Dominus, Greystar, Goodstone Living and Braeburn Estates have put the Northern Ireland-headquartered contractor on track to achieve record turnover of £425m this year.

Among the new projects are two significant residential schemes in Central London delivering 366 homes, a 338-unit build-to-rent project in Edinburgh and three student schemes in London and Nottingham providing 1,400 beds.

Martin Magee, managing director of McAleer & Rushe, said: “Our on-going projects see us operating in key cities throughout the UK, particularly in and around London with more than 10 live projects in the city.

“Specific areas of growth include an ever-increasing portfolio of residential developments, the latest additions being two significant schemes in London, worth a combined £228m, and which will deliver new homes in both the prime residential for sale and affordable markets.”

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