| 13.3°C Belfast

Firm builds for future with 50% increase in profits

A CONSTRUCTION firm which specialises in hotels and offices has announced a 50% increase in operating profits in the year to March 2012.

McAleer and Rushe, which has offices in London, Belfast and Cookstown, Co Tyrone, said it had finished more than 12,000 bedrooms for 14 national operators in over 50 projects.

In the year to March 2012, turnover grew 23% to £108.6m, and operating profits were up 50% to £4.8m.

Pre-tax profits were £6.04m - down on the year to March 2011, in which pre-tax profits were £6.4m.

During the year it completed work on NOVOTEL and IBIS hotels in Blackfriars Road, London, and the 630-bed Premier Inn at North Terminal, Gatwick Airport.

It is currently working on a £46m office-led mixed-used development with commercial property giant British Land in London's west end - due to be completed in April 2013 - and a boutique five star hotel on London's Old Street.

It also recently started work on a hotel contract in Edinburgh but also said a number of "large scale contracts" were being negotiated for site starts in early 2013.

Weekly Business Digest

Margaret Canning’s selection of the must-read business stories straight to your inbox every Tuesday morning

This field is required

While the company said its work was mainly focused in England, it maintained a "strong loyalty to Northern Irish architects, design consultants and sub-contractors, and values their partnerships".

The Northern Ireland workforce grew 5% over the period.

Group finance director James Higgins said: "Despite the continuing challenging market conditions we are pleased to be able to report improved trading performance. We look forward to maintaining our profitability in the current financial year."

£108.6m

McAleer and Rushe's turnover in the year to March 2012


Privacy