We recently announced that we have a forward order book in excess of £120m and we expect growth across all of our key market segments after a period that was heavily disrupted by the Covid-19 pandemic.
Turnover for the 18 months to June 30, 2021 increased to £183.5m, however, as a direct consequence of Covid-19, including the Irish government’s mandated lockdowns and the legacy effects of a now completed loss-making project within one the group’s subsidiary companies, we posted a net loss of £2.4m.
The company made the decision to extend the reporting period to 18 months to encapsulate all negative headwinds in the same set of financial results but will now revert to annual reporting year end June 30.
During the reporting period, the company’s Irish construction division delivered a number of headquarters buildings for clients including Valorem Investment Partners, October Investments and Ryanair.
Its multi award-winning mac-interiors brand delivered flagship projects for BMS, Microsoft, Paypal, MasterCard, Amazon and several other international blue-chip companies.
mac-group’s UK subsidiary continued to successfully deliver projects in the residential, pharmaceutical and industrial sectors and has identified entry into the buoyant data centre market for further growth. The company has vast experience in constructing logistical hubs and delivery of mission critical fit outs, so views a move into data centres as a logical next step.
Paul McKenna, CEO of mac-group said: “The period under review has been one of the most challenging trading environments I have ever known. The challenges of Covid-19 on the business in Ireland were severe, with 7 months of the 18-month reporting period generating minimal revenues as a result of government mandated shutdowns. We retained all our key staff during this tumultuous period, even though working from home doesn’t work for site-based staff.
“While that resulted in a loss for the group, I’m proud of how our team have come through this very difficult period and we now look ahead with renewed optimism. We currently have a very healthy secured future order book, and our clients are looking at further investment in 2022/23, so we believe we are well positioned to take advantage of opportunities in the marketplace.”
The company has increased its investment in digital technology to improve project deliverables and has retained its key talent pool, with increased access to new learning tools and development programmes.
Mr McKenna added: “We continue to diversify our project portfolio and create future pipeline opportunities in a wide range of sectors, including commercial, industrial, fit out and data centres. Our secud order book stands in excess of £120m and will see the business deliver projects for repeat clients like Amazon, Fidelity, MasterCard, Workday, Henderson Park and other leading companies. While we still face a challenge in dealing with the effects of the Covid-19 pandemic and more recently the issues thrown up by Brexit, we are confident that we will exceed our targets for 2022/3.
“We have also made several key appointments to strengthen our senior management team including Brian McArdle our new Finance Director. With experience of a data driven industry from his time with First Derivatives, Brian has already made huge improvements in the quality of data and reporting across the group, which bodes well for our continued controlled expansion. The group expects all divisions to return to profit in 2022.”