THE property investment and development arm of Co Tyrone construction group McAleer and Rushe has reported a pre-tax profit of £8.75 million for 2023.
Newly published accounts for MRP Land Limited show it recorded a significantly a lower turnover and profit compared with the bumper 2022, when it posted a profit before tax of £31.8m.
The investment wing of the Cookstown-based company recorded £27m in revenue for the year ended September 30 2023. That compared to £109m in the previous year.
McAleer and Rushe effectively restructured its business into two separate entities a number of years ago.
MRP covers its development and asset management business, while ‘design and build’ represents its construction and contracting arm.
Last month saw McAleer & Rushe’s design and build division report an 8% uplift in annual turnover to £436.4m for 2023.
That left the contracting end of the business was a pre-tax profit of £11m for the year ending December 31 2023.
MRP Land Limited includes the consolidated accounts for the Co Tyrone company’s many investments.
MRP Weavers Cross Limited was absorbed as one of its entities last year.
Translink appointed MRP in 2023 as its private sector partner to develop the 30 acre area around the new Grand Central Station, known as the Weavers Cross project.
It’s understood MRP’s first Weavers Cross project will see it redevelop the Europa bus station and Great Northern Mall into a new food market.
The latest MRP accounts show the Co Tyrone business spent £60.2m on acquiring investment assets last year, significantly more than the £21.5m spent in 2022.
In total, the group’s investment properties were valued at £128.4m at September 30 2023, £58m more than September 2022 (£70.1m).
Unlike the design and build business, which employs around 360 people, MRP is a smaller operation with just 36 employees on its books.
Commentary published with the accounts state the results were in line with the expectations of the directors.
“The group had a strong financial performance, and the year-end financial position is considered satisfactory.
“The group continues to focus on four core development sectors bring office, hotel, residential and student accommodation, and has a healthy pipeline of high quality projects where the emphasis is on delivering market leading sustainable buildings with reduced carbon emissions through the construction and operational phases.
The report added: “The early part of 2024 has shown a stabilising of the market and the company’s continued financial strength sees it well positioned given the current market conditions.”
