Mclaughlin and Harvey continues as one of Northern Ireland's largest construction companies. The registered accounts also consolidate the results for two smaller subsidiaries in property development and wholesale distribution.
The group has maintained its practice of completing its registered accounts more quickly than most other companies. The group also prepares a useful account not just of the financial results but adds an extensive review of its actions in respect of health and safety, environmental policy, quality measures and sustainability measures. The wider range of policy statements is emphasised by reference to a number of industry standard accreditations. In a list of awards, the group takes particular credit from a National Gold award from the Considerate Constructors Scheme.
Against the overall trend in the construction industry, the value of turnover in the Group in 2010 showed a recovery from the lower outcome in 2009. Turnover has improved by 11% to reach £165m but is still well below the levels reported in 2007 and 2008.
Operating profits, at £3m, in 2010 were lower than in 2009. The comparison with 2008 is influenced by an exceptional loss on property development of just over £7m in 2008. Without that exceptional item, operating profit in 2010 was lower than in any other recent year.