The Cookstown headquartered McAleer and Rushe consolidates the results for a wide range of subsidiary companies including several property companies and other construction and civil engineering businesses.
The group is one of the largest construction businesses in Northern Ireland which continues to win major contracts located outside Northern Ireland.
Despite the general recession affecting this sector, the trading results for the year to March 2012 show a further increase in business turnover to £111m, now exceeding the previous peak of £108m in 2009.
Although the operating and pre-tax profits have shown significant year to year variations, if exceptional or special items are excluded the overall trading position has generally been positive. Operational losses in 2010 were heavily influenced by a one-off extra cost of £7.3m. The net operating loss that year became a small operating profit in the year to March 2011.
In the most recent year a small operating loss of £0.2m has been recorded. Exceptional items, impairment provisions and profit on the disposal of assets all served to affect pre-tax profits in each of the last three years. Pre-tax profits in 2012 were helped by the inclusion of £1.1m gains from the disposal of property.
Pre-tax results also reflect the impact of net interest payments and, more recently, additions or deductions for exchange rate gains (or losses). Outstanding bank borrowing, at the end of the financial years, has fallen sharply from over £61m three years ago to under £22m in March 2012.
Reproduced with permission from The Belfast Telegraph (© belfasttelegraph.co.uk)