McGee grows by 56%
The McGee Group has attributed a 56% growth in turnover to the diversity of civil engineering and construction services that it offers.
Revenue for the year ending 30 November 2011 reached £91.7m, a record high for the Wembley-based contractor, up from £58.8m for the previous year.
Pre-tax profit for the year was £3.07m.
Group financial director Graham Payne said that directors had recommended taking no dividends, deciding instead to reinvest profits to expand the business further.
The group’s net asset position has also risen 26% from £9.7m to £12.3m.
However, Mr Payne warned that margins remained under pressure due to competition in the market.
McGee Group director John McGee said: “The McGee brand continues to demonstrate its core value to clients, giving them confidence in safety, quality and professionalism, even in the face of the extreme economic climate that persists in the marketplace. With the many challenges that the construction sector has faced in recent years, McGee is delighted to be able to report this strong improvement in the company's financial performance. This is highlighted by the record-breaking turnover of £91.7m, demonstrating that the strategy for recovery - as set out in last year's annual report - is now proving effective.”
McGee Group chairman Ian Reeves said: “Although we expect the market to remain challenging, McGee’s strength now lies in the diversity of its operations. The group provides construction services from pre-construction and enabling works, decontamination, demolition, piling, civil and structural engineering to building construction, with the company either taking the role of a specialist or acting main contractor. This provides our clients with an integrated ‘one-stop-shop’ and the business is also in a first-rate position to take advantage of opportunities as they arise.”
Recent projects in the UK include student accommodation in Newcastle for Balfour Beatty and Heathrow T2B for BAA. Overseas, work has also begun in New Zealand on the deconstruction of several structures in Christchurch.
Declan Sherry has taken over as managing director from Jim Mackey, who takes on the new position of chief technical advisor and ambassador for the group.
Other staff appointments see Nick Taylor appointed head of demolition, Rod Wooderson as head of engineering, Simon Weir as commercial manager for the northern office in Cheshire, Ross Miller as head of piling and Karl Dunstan as head of plant and transport.
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This article was published on 21/05/2012 (last updated on 21/05/2012).