Latest accounts for McLaughlin & Harvey Holdings show the turnover fell to آ£612.1m for the year to 30th June 2025, down from آ£870.4m the previous year.
However, operating profit improved to آ£12.8m (2024: آ£11.0m) and profit before tax was up by more than 50% at آ£18.2m (2024: 12.0m).
Both the Northern Ireland and Scottish construction businesses contributed positively to the overall performance.
The annual report explains that the cause of the fall in turnover is down to projects taking longer to start than anticipated.آ
“It is notable that the industry as a whole is seeing a general prolonging of the procurement process, which is resulting in many opportunities taking longer to commence work on site,†the company said. “As a result of this, reported turnover for the 2024/25 year is down on that of the prior year, and the directors expect turnover in the forthcoming year to be impacted in a similar way as the commencement of a number of scale projects, which might have been expected to have commenced by now, are delayed until the mid to latter stages of the 2025/26 year.â€
However, the board remains upbeat and the future looks bright.
It concluded: “The group enters the new trading year in a very strong financial position with net assets of آ£67m and a cash balance of آ£148m. Looking forward, the current construction and civil engineering order book is in a strong position for 2025/26 and beyond, with the majority of budgeted turnover secured for the financial year ahead. The directors are therefore very positive about the forecast performance of the group in the incoming year.â€
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