McAleer and Rushe is one of Northern Ireland’s largest property development and construction organisations.
The accounts summarised here are those reflecting only the business of a construction company and are not about the whole group of which it is a part.
The Cookstown-based company reports that trading conditions were difficult and are expected to remain difficult. Turnover in 2007-8 increased by 31% to reach £73.7m and operating profits were nearly £1m higher. However, the company notes that the improved operating profits were more than accounted for by a reduction in the remuneration of the directors (down by £2.4m).
The reported pre-tax position showed a loss of £3.3m in 2007-8 following a profit in 2006-7. In addition to the usual net interest charges, the pre-tax loss reflected a one off unrealised exchange loss linked to the translation of loans with related parties. Employment in this company rose sharply in 2007-8 to an average of 236 people. Shareholders’ funds in the last three years have fallen slightly in value. In the most recent year, the allocation of dividends worth £3.3m and the unrealised exchange losses meant that post-tax losses were carried into the balance sheet.