McLaughlin & Harvey has reported a positive financial turnaround, showcasing an 18% increase in turnover.
- After recording a loss in the previous year, the company achieved a profit before tax of £12 million in the year ending 30 June 2024.
- The firm’s strategic focus on a diversified portfolio and long-standing client relationships contributed significantly to this success.
- Despite asset impairment costs, primarily due to ceasing landfill operations in Scotland, the company maintained robust financial health.
- With secured budgeted turnover and a strong cash balance, McLaughlin & Harvey is well-positioned for the future.
In the financial year ending 30 June 2024, McLaughlin & Harvey Holdings Limited made a notable recovery by achieving a turnover of £870.4 million and a pre-tax profit of £12 million. This marks a stark contrast to the previous year’s performance, which saw a loss of £8.6 million on a turnover of £737 million. The impact of inflation on fixed-price contracts had significantly eroded margins in 2023, but the company navigated these challenges successfully in 2024.
The Cheevers family privately owns McLaughlin & Harvey, a Northern Ireland-based company. Its primary business operations encompass building and civil engineering contracting, property development, landfill site management, and wholesale distribution. As of 2024, the company employed 872 direct staff members.
Included in the profit figures is an asset impairment charge of £3.4 million. This cost stems from the company’s decision to cease operations at its last active landfill site managed by its Barr Environmental subsidiary, driven by upcoming landfill restrictions in Scotland. The cost covers the write-down of site assets and the expenses involved in closing the site.
Chief Executive Philip Cheevers expressed satisfaction with the company’s return to profitability, crediting the positive contributions from all business divisions. He highlighted the importance of a diversified work portfolio spanning private and public sectors, which has been instrumental in the company’s growth. By focusing on winning new contracts through two-stage tender processes and developing enduring client partnerships, McLaughlin & Harvey strengthens its market position.
Looking ahead, the firm started its 2025 financial year with net assets amounting to £58.4 million and a substantial cash reserve of £147 million, free from any borrowings. This places McLaughlin & Harvey in a favourable position to secure the majority of its budgeted turnover for the upcoming year.
McLaughlin & Harvey’s strategic approach and financial prudence have positioned it well for continued success.
