Despite posting shrunken profits for 2020, the McAleer & Rushe board is feeling 鈥榲ery positive鈥�.
Latest accounts filed by McAleer & Rushe Contracts UK show that pre-tax profit for the year to 31st December 2020 fell by 36% to 拢8.7m (2019: 拢13.7m) on聽 turnover down 15% to 拢290m (2019: 拢340m).
鈥淒espite market concerns in mid-202 regarding the longer term Covid impact on funder sentiment, our current outlook is very positive, particularly in both 聽the student accommodation and residential sectors,鈥� the directors said.
鈥淭he company restored and maintained Covid compliant site activities after the market-wide disruption of the initial Covid lockdown in March and April. The impact on securing new projects was largely temporary and a majority of target contracts were subsequently secured later in the year than initially projected. The overall impact of pausing and then re-establishing full site activities post first Covid lockdown has deferred turnover of not less than 拢50m to 2021. As a result of this deferred turnover, we now project delivery of 拢400m turnover in 2021 from contracts already in place.鈥�
Turnover rising from 拢290m in 2020 to 拢400m in 2021 represents 38% growth.
Reduced dividends of 拢4m were paid out to the shareholders, Seamus McAleer and Eamonn Laverty, down from 拢8m in 2019.
Got a story? Email news@theconstructionindex.co.uk
