Cookstown property firm back in profit
Category: Northern Ireland
Published: 25th Apr 2012 07:50:04
One of Northern Ireland's largest property firms returned to profitability in the year ended March 2011.
The McAleer and Rushe Group, which is based in Cookstown, employs more than 100 people.
It increased turnover by nearly 50% to £92m and made a pre-tax profit of £6.4m.
That compared to 2010 when write-downs in the value of the firm's properties led to 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 started work at seven separate sites.
They added that they had also won a significant number of contracts since the end of the 2011 financial year.
Most of the company's work is now in England where the commercial property market has not suffered an Irish-style crash.
The firm's contracting division has recently started work on a 140-bedroom hotel in central Brighton and last week a subsidiary company won planning permission for a mixed-use 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".
In 2010, the group's Bank of Ireland loans were transferred to the Irish government's National Asset Management Agency (Nama).
A note in the accounts stated that a number of companies in the group entered into "a medium term formal funding arrangement" with Nama which extended to March 2016.
It added that this arrangement was based on "gradual realisation of assets and repayment of debt over time".
That indicates that Nama has approved the group's business plan and will be prepared to lend it money to complete some developments.
At 21:47:25 in EnglandPolice have issued images of 12 people who were around the main stage of Manchester's Parklife Festival when a man was fatally injured.
At 21:46:05 in BusinessApple has reported quarterly profits of $7.75bn (£4.5bn) - up 12% on the same period last year.
At 21:39:49 in SportVirgil van Dijk and Teemu Pukki were the heroes as Celtic outclassed KR Reykjavik at Murrayfield to stroll into the third qualifying round of the Champions League.
At 21:36:26 in WorldThe use of tunnels in Gaza began approximately a decade and a half ago, on the border with Egypt, to smuggle weapons into Gaza under the Israel Defense Forces (IDF) border security.
At 21:24:27 in SportNottingham Forest have signed Crystal Palace defender Jack Hunt on loan until the end of the year.
At 21:20:40 in BusinessTechnology giant Microsoft reported a 7% fall in profit during the second quarter.
At 21:02:51 in ScotlandFire fighters have been called to the newly-reopened Glasgow Science Centre tower.
At 20:53:42 in EnglandYoung couples who send explicit pictures of each other are being threatened with prosecution under child sex laws.
At 20:52:42 in SportThe New Saints bowed out of Europe after losing 2-0 to Slovan Bratislava in the home leg of their Champions League second qualifying round.
At 20:52:11 in EnglandA former South Yorkshire Police inspector has told the Hillsborough inquests he was not ordered to blame Liverpool fans for the disaster.
Harvard CitationBBC News, 2012. Cookstown property firm back in profit [Online] (Updated 25th Apr 2012)
Available at: http://www.ukwirednews.com/news/1424419/Cookstown-property-firm-back-in-profit [Accessed 22nd Jul 2014]
News In Other Categories
A trio of major British films are to receive their world premieres at this year's Toronto Film Festival (TIFF).
Fire fighters have been called to the newly-reopened Glasgow Science Centre tower.
Web users are being warned about a novel tracking system that watches what they do online and frustrates tools designed to prevent them being tracked.
Ever wondered how much your local hospital pays for incontinence pads, medical wipes or surgical gloves?
The EU's Common Fisheries Policy failed to achieve its central objectives, the government's review of the balance of power between the UK and the EU has concluded.
Virgil van Dijk and Teemu Pukki were the heroes as Celtic outclassed KR Reykjavik at Murrayfield to stroll into the third qualifying round of the Champions League.