Return to profit for McLaughlin & Harvey Holdings Ltd and an increase in cash at the bank and net assets

McLaughlin & Harvey Holdings Limited, a privately owned business headquartered in Northern Ireland, has reported a turnover of £870.4million and a profit before tax of £12million for the year ended June 30 2024.

The Newtownabbey business, whose principal activities are building and civil engineering contracting, property development, the operation of landfill sites, and wholesale distribution (Group) employed 872 direct employees in 2024 with many thousands more indirectly employed throughout the UK and Ireland via its supply chain.

Key highlights include: Group turnover of £870.4m, construction and civil engineering turnover of £782.7m, Group profit before tax of £12m, cash at bank £147m (with no borrowings) and net assets of £58.4m.

Philip Cheevers, Group chief executive, said: “Our reported results show a return to profitability in the financial year, with all parts of the business contributing positively to performance.

"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.”

As well as reporting positive financial figures, the construction and civil engineering business averaged 44/45 in its Considerate Constructor Scheme (CCS) audits, retained its Platinum membership of The 5% Club, and achieved a Social Return on Investment (SROI) of 57%.

Continued progress has been made on achieving net zero emissions (Scope 1 & 2) across the Group by 2030 with reported carbon intensity continuing to reduce against a 2020 base year figure.

The Group enters the new trading year in a strong financial position with net assets of £58.4m and a cash balance of £147m, with no borrowings.