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McLaughlin & Harvey’s £870m Comeback
Profits rebound as the Northern Ireland-based contractor eyes growth.
John Stephenson
November 15, 2024
What Happened
McLaughlin & Harvey Holdings, a Northern Ireland-based construction and civil engineering firm, posted a total turnover of £870.4 million and a pre-tax profit of £12 million for the year ending June 30, 2024.
Why It Matters
The results mark a return to profitability, signaling resilience in a challenging economic environment.
McLaughlin & Harvey operates in diverse sectors, including healthcare, education, transport, and marine infrastructure.
A strong order book ensures most of next year’s turnover is already secured, highlighting its robust market position.
By the Numbers
The company employs 872 direct staff and supports thousands more across the UK and Ireland through its supply chain.
Key financial highlights:
Pre-tax profit of £12 million
Construction & Civils turnover: £782.7 million
Cash reserves: £147 million (no debt)
Net assets: £58.4 million
The company’s achievements extend beyond financials:
44/45 average score in the Considerate Constructor Scheme (CCS) audits.
Retained Platinum membership in The 5% Club, reflecting commitment to workforce development.
Achieved a 57% Social Return on Investment (SROI).
Zoom In
Sustainability is a growing focus for the firm, which aims to reach net zero emissions (Scope 1 & 2) by 2030. Progress includes:
Reducing carbon intensity against a 2020 baseline.
Continuing investment in greener practices and technologies.
What They’re Saying
Group CEO Philip Cheevers attributed the turnaround to diversification and client loyalty:
"Our reported results show a return to profitability in the financial year, with all parts of the business contributing positively to performance. The business continues to benefit from a diversified portfolio of work in both the private and public sectors across our target industries, with a focus on winning new work via two-stage tender processes and frameworks, whilst developing long-standing client relationships."
Bottom Line
McLaughlin & Harvey’s return to profitability highlights its resilience and strategic approach, underpinned by strong cash reserves, a robust order book, and a commitment to sustainability. The business is poised for continued growth across the UK and Ireland.