McLaughlin and Harvey is one of Northern Ireland’s largest construction companies. The registered accounts also consolidate the results for two other smaller subsidiaries in property development and wholesale distribution.
The value of turnover in the group has varied although the trend has been upwards. Turnover in 2007 was the highest of recent years and at £207m was more than double the level four years earlier. However, in 2008, reflecting the pressures on the construction sector, turnover fell by 5%.
A major influence on the operating and pre-tax profits was an exceptional loss of £6.5m accounted for in 2008 from the property development subsidiary. The impact was that pre-tax results went from a profit of £7.2m in 2007 to a smaller profit of £1m in 2008.
Average employment in the group increased to 433 people.
The group report contains information on the application of health and safety policy, where it has achieved OHSAS 18001 certification, and policies on the environment, based on ISO 14001, quality, based on ISO 9001, and a range of operational behaviour to promote sustainability.
A reflection of changed trading conditions is found in the decision by directors to reduce the dividend payments from £0.8m in 2007 to just under £0.14m in 2008.