Retail and hospitality fit-out and specialist McCue returned to profit last year, new accounts for the Co Antrim business show.
Despite turnover falling by £5 million (£11%) to £40.3m in the year to November 30 2023, the Carrickfergus-based firm recorded significantly lower costs last year.
The result was a swing from a pre-tax loss of £1.3m in 2022 to a pre-tax profit of £1.5m in 2023 and a much improved gross margin (10.7%) compared to the previous year (3.6%).
It marked first time James F McCue Limited has turned a seven-figure annual profit since 2019.
The company’s clients include H&M, Superdrug, Peter Mark, Beaverbrooks, Footasylum and Abercrombie & Fitch.
It has also recently completed new flagship stores for Urban Outfitters Europe in Madrid and on the Champs-Élysées, Paris, which opened just ahead of the Olympics.
McCue’s pedigree in the hospitality sector is also well established, with its work on view at Belfast’s Harp Bar, Dark Horse and Friend at Hand Irish whiskey museum.
The Co Antrim firm is currently on site at The Ivy Belfast, which will open in September 2024 across two floors at Cleaver House on Donegall Square North.
In a summary of its performance in 2023, McCue’s directors said despite the challenging economic climate, the company had a solid performance, particularly after a disappointing financial outcome in the prior year.
“A busy year in the hospitality sector, coupled with a serial tender agreement with a multinational retailer, were the key contributors to a successful 12 months,” noted the report.
McCue’s directors said challenges remain for the interior sector as it enters quarter three of the present financial year.
“With delayed expectations for the Bank of England’s first interest rate cut, lingering macro-economic concerns have softened hopes of a faster-paced recovery.
“This, alongside significant year-on-year increase in utility costs, annual insurance and regular wages still growing, will present challenges as the company strive to control and reduce operating costs.”
On a more upbeat note, the fit-out firm said it has secured “a number of exciting restaurant projects” both locally and in Britain with a leading hospitality client.
“A key emphasis is now on delivering these projects which brings an added boost to the company’s manufacturing facility with a varied and detailed range of bespoke joinery elements required.
The company, which is owned by Andrew Patton, had 133 staff on its books in 2023.
