Resi specialist hit with profit slump last year

McAleer & Rushe said it expects turnover to be up this year after income remained largely flat in 2022.

The Northern Ireland-based contractor, which specialises in building residential schemes such as those for Quintain at Wembley Park and British Land at Canada Water, is forecasting revenue to be £425m this year – a rise of 5% on the £404m it posted last year. In accounts filed at Companies House, the firm added it had signed deals worth £400m by the middle of April this year.

wembley park

McAleer & Rushe is one of several contractors working at Quintain’s Wembley Park development in north-west London

It said some of its expected workload in 2022 had been hit by the political and financial upheaval which gripped the UK in the second half of last year, beginning with Boris Johnson’s resignation as prime minister last July and his successor Liz Truss’s mini-Budget debacle two months later.

Pre-tax profit slipped 19% to £12m.