McLaughlin & Harvey return to profit after 18% uplift in revenue for 2024

The McLaughlin & Harvey group returned to profit in 2024 after posting an 18% increase in turnover to £870.4 million.

The Mallusk-based business reported a pre-tax profit of £12m for the year ended June 30 2024.

It followed a challenging 2023, where inflation and a number of loss making jobs left the group with a pre-tax loss of almost £9m.

The group’s operations, which span building, civil engineering, property development, wholesale distribution and the operation of landfill sites, employed an average of 872 people in 2024, an increase of 56 people on 2023.

Revealed: The council areas with the most expensive house prices in Northern Ireland

Final take-off for new 81-room hotel near Belfast International Airport

Construction and civil engineering remained the bedrock of the business, accounting for almost 90% of group revenue in 2023/24.

However, the group absorbed a £3.4m of asset impairment cost following the decision to cease landfill operations at the remaining site within its subsidiary Barr Environmental.

McLaughlin & Harvey said the decision was taken due to the impending landfill ban and changing legislative landscape in Scotland, which it claimed left the landfill business unable to trade efficiently.

Commenting on the latest trading period, group chief executive Philip Cheevers said: “The business continues to benefit from a diversified portfolio of work in both the private and public sectors across our target industries, with a focus on winning new work via two-stage tender processes and frameworks, whilst developing long-standing client relationships.

“Looking forward, the current construction and civil engineering order book is in a positive position, with the majority of budgeted turnover secured for the financial year ahead.”

The group said it entered the new trading year with net assets of £58.4m and a cash balance of £147m, with no borrowings.