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12/04/2018

McGee Announces 2017 Full-Year Financial Results

Specialist contractor, McGee has announced its financial results for the year ended 30 November 2017, generating revenue of £95.0 million and returning pre-tax profit of £10.7m (2016: £8.4m).

The company, utilising its own direct resources across all disciplines, points to its ability to assemble integrated multi-disciplinary demolition, civil engineering and structural engineering project teams as giving McGee a real competitive edge, resulting in the award of a number of prestigious projects and providing a strong platform for ongoing successful growth and value creation.

The Group has invested heavily in streamlining its business processes, adopting the widespread use of apps and developing advanced, industry-leading safety management tools to demonstrate compliance. This digitisation of the business has complemented the Group’s relentless focus on operational delivery and enhances its world-class engineering and demolition know-how.

Together with its recycling and tipping operations, as well as asbestos removal and transport capability, McGee is uniquely positioned to deliver a diverse range of high profile and prestigious schemes to the most exacting standards.

McGee Group Finance Director, Paul Hickey said: 

“McGee has delivered another set of healthy results in FY2017 and whilst our overall pre-tax profit performance is flattered, to an extent, by profit on sale of surplus property assets, our core business has continued to trade robustly. As signposted in the company’s strategic report this time last year, Brexit induced anxiety continues to have an impact on investors and more particularly on the providers of finance. In practical terms, that caution has translated into a pronounced increase in lead times for new project starts.

The business fundamentals however, continue to be very strong, robust pre-tax profit, no loans or overdrafts, £11.4m cash at bank and the Group generating sufficient funds from its operating activities on an ongoing basis to meet its working capital requirements.”

McGee Group Managing Director, Brian McGee said: 

“During the year, the Group benefited from pursuing a strategy of concentrating its activities in the London and South East construction market, specialising in decontamination, asbestos removal, demolition, civil engineering, construction and recycling services, either as standalone disciplines or as an integrated offering.

We’ve seen particular interest in our integrated demolition, basement excavation, sub and super-structure delivery capability.

Once again, these financial results are a testimony to the skill, initiative and hard work of all our people.  We are well positioned to deliver ongoing expertise and value to our clients and we’re optimistic about the outlook for 2018.”