Specialist contractor, McGee, has announced another strong set of financial results for the year ended 30 November 2016, with turnover of £125 million (up 24% on 2015) whilst delivering a pre-tax profit of £8.4 million (6.7%). In 2015 they delivered a pre-tax profit of 4.7%.
McGee Group reported this robust business performance for 2016 and states that it is mainly driven through continuing its strategy focused on its traditional core areas of expertise operating in the London and South East market.
McGee is equipped to provide its clients with integrated ‘one stop shop’, innovative solutions encompassing pre-construction and enabling works, decontamination and remediation, demolition, asbestos removal, specialist civil / structural engineering and groundworks, piling, construction, haulage, recycling and tipping.
McGee Group 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 South East markets where McGee Group trade 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.’’
McGee Group Managing Director, Brian McGee said:
“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”