Co Tyrone-based builder McAleer and Rushe grew its profits by 38 per cent last year with shareholders set for a dividend of £8,550,000 (€10.1 million).
The company, which employs 384 people across offices in Cookstown, Belfast, Dublin and London, is focused on commercial office, residential, student accommodation and hotel projects.
The group, which has filed accounts for the year ended December 31st, 2024, made a profit after tax of £12.9 million over the 12 month period, which was up from £9.4 million the year before.
The group said its turnover of £491.5 million, up 12.6 per cent from £436.4 million in 2023, was in line with the expectations of the directors. It added it expects turnover this year to reach £550 million off the back of building contracts secured last year.
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One notable project secured by McAleer & Rushe last year was the new £40 million Maldron Hotel at Croke Park, which will be run by Dalata. The company has built a number of hotels for Dalata over the years.
The modern 200-bedroom hotel will accommodate a business centre with five meeting rooms, a gym, and a bar and restaurant facilities. It is expected to open to the public in 2026.
Other projects include a £225 million residential project at Bermondsey in London, and a £110 million student accommodation scheme at Crutched Friars, also in London.
The company said it remains focused on staff retention and continuing to expand its supply chain on an ongoing basis but “not to materially expand” its number of active sites.
“The company’s continued financial strength leaves it well positioned to secure further work and maintain increased turnover levels going forward,” it said in its accounts.
Staff numbers increased from 358 to 384 last year, with the group spending £28.3 million on employee costs, up from just under £26 million.
Cost of sales increased from £409.1 million to £456.4 million, while the company saw its cash at bank by the end of 2024 reach £71 million, up from £53.1m the previous year.
The directors recommended a dividend of £8,550,000, which was up from £6 million in 2023.
Eamonn Laverty, group chief executive, said the group’s results “reflect our position as a trusted and competitive delivery partner, driven by sustained activity across the residential, student accommodation, office, and hotel sectors”.
“We have seen a notable uplift in the build-to-rent and private sale markets, while 2024 has also marked growth in the later living sector, a strategic area of opportunity for the business going forward,” he said.
Investing in its London headquarters, McAleer & Rushe has commenced an extension and refurbishment of its office at Drury Lane, Covent Garden, to transform it into a modern, energy-efficient Grade A office building.
The company has also made long-term changes and implemented targeted measures to become more sustainable, including a pledge to become a net zero business by 2045.
