McAleer and Rushe turnover increases 50%

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COOKSTOWN based property firm McAleer and Rushe has increased its turnover by nearly 50 per cent to £92m.

The company, which employs more than 100 people, made a pre-tax profit of £6.4m.

That was in comparison to 2010 when write-downs in the value of the properties resulted in a pre-tax loss of nearly £11m.

The 2011 performance included an £8m gain from the sale of a subsidiary, while profit from continuing operations was about £600,000.

The directors said the firm secured ‘a number of significant contracts’ in the last year and that work had started at seven separate sites.

They added that they had also won a significant number of contracts since the end of the 2011 financial year.

The firm’s contracting division has recently started work on a 140-bedroom hotel in Brighton and last week a subsidiary company won planning permission for a scheme in Salford.

The directors said the wider trading environment ‘remains challenging’ but the group was ‘now uniquely placed’ to win further contracting worked based on its ‘growing reputation’.