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News » UK » McGee reports solid numbers » published 18 May 2017

McGee reports solid numbers

Specialist contractor McGee Group saw its turnover rise 24% last year and is confident for 2017 too.

For the year ended 30th November 2016, McGee generated turnover of £125m and made a pre-tax profit of £8.4m. Not only were both numbers up on 2015, the profit margin was up too, from 4.7% to 6.7%.

McGee focuses on the London and southeast market providing front-end construction services, including enabling works, decontamination and remediation, demolition, asbestos removal, groundworks, piling, haulage, recycling and tipping. 

Finance director Paul Hickey said: “Our financial result in FY2016 was delivered off the back of the strong foundations put in place in the business in preceding periods. The business fundamentals are very strong, record turnover at £125m, robust pre-tax profit, no loans or overdrafts and £9.4m cash at bank – the group generated £13.0m cash from operating activities in 2016.

“The economic and political uncertainty generated by the Brexit vote will inevitably have an impact in 2017.  However, the extent of that impact in the central London and southeast markets where McGee Group trades is likely to be softened by a weakened currency increasing the attractiveness of sterling investments.  We’re optimistic about the future and are poised to deliver another set of healthy results in FY2017.’’

Managing director Brian McGee added: “I believe this impressive result is brought about by the business offering a first class service to all its clients, utilising our own direct resources across all disciplines, ensuring programme certainty and delivering projects within budget.  I am proud to say that the in-house resource that McGee retains is the very best and most experienced in the market place today; the delivery of such good numbers is a testimony to the skill, initiative and hard work of all our people.  Once again, we have every reason to be optimistic about the future.”

 

 

MPU

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This article was published on 18 May 2017 (last updated on 18 May 2017).

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