McAleer & Rushe poised for record year after 2022 profit decline

McAleer & Rushe, specialist design and build contractors, have won new contracts totalling £440m during the first half of 2023 across Greater London, the Midlands and Scotland.

This recovery comes after a disappointing performance in 2022, where pre-tax profit witnessed a 19% decline to £12m while revenue remained stagnant at £404m.

Previous project delays also meant that the net cash at year-end slipped back to £45m for £59m.

However, there have been several residential and student accommodation project wins in 2023 for client and investors Dominus, Greystar, Goodstone Living and Braeburn Estates.

These projects have put McAleer & Rushe back on track to achieve a record turnover of £425m this year.

Three student schemes are also in progress in London and Nottingham providing 1,400 beds.

Also included in the new ventures are two residential developments in Central London, comprising 366 homes, alongside a 338-build-to-rent project in Edinburgh.