McAleer & Rushe is set to significantly increase its turnover to £500m by 2025, showcasing robust growth from £400m in 2022.
- The company’s turnover for 2023 rose to £436.4m, marking an 8% increase despite a reduction in operating profit due to higher sales costs.
- With strategic contracts completed in 2023, McAleer & Rushe anticipates reaching £450m turnover in the current year.
- Key projects in 2023 included the construction of the Exchange Square Premier Inn Hotel and major schemes in Brighton, Norwich, and Belfast.
- Shareholder dividends for 2023 amounted to £6m, reflecting confidence in the company’s future growth trajectory.
Building contractor McAleer & Rushe has announced its ambitious goal to achieve a £500m turnover by 2025. This marks a significant increase from £400m recorded in 2022, evidencing the company’s strong growth trajectory.
For the fiscal year ending 31st December 2023, McAleer & Rushe Contracts UK Ltd reported a turnover of £436.4m. This figure illustrates an 8% growth compared to the previous year. However, the financial year also witnessed an uptick in sales costs, which led to a 24% decline in operating profit, bringing it to £8.7m. Despite this, pre-tax profits stood at £11.0m, while dividends paid to shareholders totalled £6m, a decrease from £7m in 2022.
Finance director Eamon Higgins has highlighted that the company’s future outlook remains positive. Building on the contracts secured in the past year, McAleer & Rushe is poised to reach a turnover of £450m in the current financial year before achieving its £500m target in 2025.
The year 2023 saw the completion of several major projects, underpinning the company’s growth. Among these were the Exchange Square Premier Inn Hotel in Birmingham, a strategic build-to-rent scheme for Legal & General in Brighton, and significant student accommodation developments in Norwich and Belfast.
The financial results and successful completion of key projects underscore McAleer & Rushe’s strategic positioning in the market and its capacity to sustain growth despite challenges. Shareholder dividends totalled £6m for the year, reflecting continued investor confidence in the company’s strategic direction.
McAleer & Rushe’s growth strategy highlights its robust market position and potential for achieving its financial targets.
