Firm adds long-running dispute with Revenue Scotland over landfill money now settled
Cost blowouts on several jobs in Northern Ireland and losses at its environmental business helped send McLaughlin & Harvey to a pre-tax loss of more than £8.5m last year.
The Northern Irish firm, which is building a new learning quarter in the middle of Wolverhampton, sank to an £8.6m loss in the year to June 2023 from a £3m profit in the 18 months to June 2022.
In accounts now filed at Companies House, M&H said a number of jobs in Northern Ireland had been caught out by hikes in inflation after the contracts were signed. “We are engaging positively with our clients to minimise the financial impact of these loss-making jobs and to recover the provisional losses provided for in the accounts,” it added.
The’s firm environmental arm also racked up a £2.2m loss after it was hit by a charge following a dispute with the taxman.
M&H said the dispute, which centred on the amount of landfill tax it paid, has now been settled but the firm has been forced to rejig the business and close all but one of its sites.
The firm said its net cash at the year-end was £113.7m, up from £85.6m.
Construction is the firm’s biggest business with revenue of £677m with its environment business adding a further £23m of turnover while a distribution business had sales of £36m.
Income in the period was £736.5m, compared to £800m for the 18 months prior.
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