McLaughlin & Harvey has posted a £11.7 million loss in its latest accounts, despite increasing turnover by 40%.
The business said “a small number of construction contracts procured in the depths of the recession” had contributed to an £11.7 million loss before tax for the year to December 31, 2015.
The firm also posted a pre-tax loss of £3.6 million the year before, however it added that all of its legacy contracts would be complete by the end of this year.
Turnover at the company increased to £273.8 million, up 40% from £195.8 million the previous year.
Its construction business, which accounts for most of the firm’s turnover (£253.1 million), racked up a loss of £12.8 million before tax, while its wholesale distribution arm – with a turnover of £20.7 million – was profitable, posting a profit of £1.1 million before tax.
Contract wins for the company in the last year included a £51 million contract to redevelop and expand London Luton Airport’s terminal.
The company has also recently completed a £45 million redevelopment of Bristol City’s Ashton Gate stadium, and is understood to be bidding for Transport for Greater Manchester’s £33 million Tameside Interchange project.
Over the course of the year, the company has added nine employees to its payroll, with its workforce now standing at 436.
McLaughlin & Harvey purchased Barr Construction in 2007, which took on the M&H brand name early last year.
Last month, McLaughlin & Harvey was appointment by Peterhead Port Authority to help carry out the strengthening and deepening of the north east port.
Alongside joint venture partner Boskalis Westminster, the Peterhead Scheme 2 project also entails land reclamation with revetment, widening of the harbour entrance, demolition works and improved services throughout.
The harbour will also benefit from significantly improved realignment to the existing quay walls and increased draft which will facilitate larger vessels.