THE parent company of one of the north's oldest and largest construction groups has reported an almost 10 per cent fall in revenue, according to its latest accounts.
McLaughlin & Harvey Holdings, whose main subsidiary is building and civil engineering giant McLaughlin & Harvey, has seen its turnover slump from £465.8 million to £422.7 million for the year ending December 31.
In spite of the decline, outlined in the annual accounts published on Companies House, the group, which also covers property development, the operation of landfill sites and wholesale distribution, posted an increase in pre-tax profits over the year from £11.1m to £11.3m.
The balance sheet for the group also shows increased net assets of £52.1m, supported by net cash of £55.4m, while it has recommended a £7.4m dividend, following £200,000 in the previous year.
Average staff numbers fell slightly over the year from 790 to 777, but the annual wage bill increased from £42.8m to 44.9m.
In the strategic report, published alongside the accounts, the company directors said they are "very encouraged" by the group's performance as a whole throughout 2018.
"The fundamentals of each of the businesses within the McLaughlin and Harvey Group are strong and focussed on each of their respective markets," they said.
Looking ahead the directors are optimistic about the future and anticipate further success.
"Whilst market conditions in the UK and Ireland continue to be highly competitive across the business sectors we operate in, the ongoing investment in business development, infrastructure and in our people and skills base will ensure continued success for the Group going forward," they added.
McLaughlin and Harvey Holdings covers building and civil engineering contracting, property development, the operation of landfill sites and wholesale distribution.
The holding company comprises two main firms – McLaughlin & Harvey Ltd in Belfast and Trench Holdings Ltd in Scotland (whose subsidiaries include Barr Construction).
