Offsite housebuilder McAvoy slides to loss

Offsite housebuilder McAvoy Group slumped into the red last year, racking up a £1.8m pre-tax loss.

This was down 142% from the previous 12 months when the Northern Ireland-based construction firm recorded a pre-tax profit of £4.3m.

Turnover was also down in the year to 31 October 2018, falling by 25% to £44.9m from £59.9m the previous year. 

The family-owned firm blamed “both political and Brexit uncertainty” for delaying projects which have in turn hit the firm’s balance sheet.

The firm said its profitability had also been hit by the maount it had to stump to support its first residential project.

Earlier this year McAvoy revealed plans to set up an offsite housebuilding factory in England capable of manufacturing 1,000 new homes a year by 2023.

The new factory will be overseen by the group’s chief executive Eugene Lynch.