Tuesday April 16, 2024
McGee
(“McGee”) or (the “Company”)
Results for the year ended 30 November 2023
McGee delivers a strong performance with 46% revenue growth.
McGee, a Specialist Engineering Contractor delivering high-profile, complex engineering projects, announces its results for the year ended 30 November 2023.
Highlights:
- A clear strategic focus on delivering complex integrated projects drives growth in a challenging economic environment, with revenue increasing to £121.8 million (2022: £83.3m)
- Cash at bank increased to £14.6 million (2022: £10.3m)
- The business remains debt-free, other than equipment funding
- Payment practice score is 98% and reported in line with legislation
- A clear focus on its value proposition, operational effectiveness and strategically aligned decision making, supported by engaged employee-owners remains a key point of difference for McGee’s board
- Profit Before Tax increased to £12.4m (2022: £6.1m)
- Employee Ownership bonus payments of £558,123 were made in FY23 with further £619,343 paid after year-end
- A strong order book and pipeline of opportunities meaning further controlled revenue growth which is in line with plans and within operating capacity is expected for FY24.
- Continued investment in plant and people to support its self-delivery approach
McGee has attributed its growth to a consistent strategic focus on delivering well-engineered integrated project solutions for its clients. The company intends to maintain this approach and deliver future growth by delivering a consistent number of projects which are larger in scale and duration.
The Employee Ownership model has been embedded into the business, resulting in improved staff engagement, with operational effectiveness being championed by all. This has contributed to increased profitability and enabled employee-ownership bonus payments totalling £558,123 in the year, and a further distribution of £619,343 after year-end, reinforcing the company’s commitment to its workforce and shared success.
McGee remains committed to developing innovative carbon-engineered solutions as part of its base offering both for permanent and temporary works, supporting clients in delivering on their carbon objectives alongside the wider ESG agenda.
Seb Fossey, Group Managing Director, commented, “I’m delighted that the business has been able to deliver growth in the last year, despite the challenging market conditions. This has been achieved by prioritising our strategic objective to develop high-value, low risk, and carbon-efficient, integrated-delivery solutions for customers who recognise the value that our approach brings.
We are experiencing a growing appetite for what we do and more importantly, how we do it, resulting in a strong order book and a diverse pipeline of work.”