McGee Group (Holdings) Ltd, today announces strong results for the year ending 30 November 2019. Profit After Tax remained stable at £8.3m on turnover, which increased by 9% to £109 million.
McGee, which transferred to employee ownership earlier this year, firmly believe it was the next obvious phase of its journey, rewarding the people who have made the business the success it is today – its employees.
Group Chairman, Brian McGee, said, ‘”Employee involvement and participation is critical to the success of the Group and in that regard the board has put in place a set of proactive measures that encourage employees to maximise their contribution to the Group in their capacity as new ‘employee owners’. In doing so, support continued strong and sustainable performance going forward into next year.”
He continues, “In combatting the impact of Covid-19, the Board is grateful for the commitment, resilience and flexibility of our staff who have worked tirelessly to keep the McGee Group operating safely and effectively for our clients.”
In a move designed to further strengthen the senior leadership team, McGee also announced the appointment of Paul Maguire as Commercial Director, with effect from 1st September 2020. Paul most recently held the role of European Commercial Director for Multiplex, prior to which he spent nine years fulfilling a variety of commercial leadership roles in the Laing O’Rourke Group businesses, notably in direct-delivery specialist, and the Infrastructure business. It was here he gained a strong reputation whilst involved in major schemes including HS2, Cross Rail, Thames Tideway and Heathrow Airport.
Speaking on the appointment, Group Managing Director, Seb Fossey, said, “I’m delighted to be welcoming Paul as he joins the board at McGee. His pedigree working as Commercial Director across a range of self-delivery businesses is perfectly aligned with our offering as a leading Specialist Engineering Contractor.
Paul brings with him extensive experience both working with clients in the London commercial sector and of delivering major programmes of work in the infrastructure arena. When you combine this with McGee’s depth of delivery expertise it will further catalyse our ability to deliver high value outcomes that are focused on supporting the needs of our clients.”
Commenting on the FY2019 results, Seb Fossey continued, “The results for Financial Year 2019, demonstrate once again the strength and sustainable nature of our business, evidenced by another consistent PAT performance. This reliability in our own performance is enabled by the same behaviours that we deploy through our operating model to provide certainty for our clients, where we engage early and develop smart solutions to mitigate project risks. Where our model is adopted, we deliver real and enhanced value for our clients.”
Group Finance Director, Paul Hickey, concludes: “The Board has undertaken a comprehensive review of the Group’s forecasts to November 2021 in the context of the current Covid-19 situation. Perhaps unsurprisingly, this review indicates that the turnover for Financial Year 2020 will reduce to between circa £80m to £85m. However, the Board has been proactive in managing the Group’s cost base and continues to project a pre-tax profit for financial year 2020’. Early indications suggest that we will see a recovery in turnover into Financial Year 2021”.