Friday June 24, 2022
Key Highlights:
- Implementation of strategy results in strong financial performance for the principal operating company McGee Group (Holdings) Ltd
- Revenue of £92.2 million
- Profit after Tax £5.6 million
- Cash position of £10.2 million, with no reliance on borrowing
- The Group remains debt free funding its working capital requirements from operating activities
- First full year under employee ownership
- Employee ownership bonus scheme pay out of £604,446 to the employee-owners
- No Job Retention Scheme claims in the year
- No reliance on any Government support initiatives for the business
- The overall Group posted a consolidated profit after tax of £7.2m with a cash balance of £10.9m at year end
- McGee has agreed the quantum of the fine arising from the CMA investigation relating to historical infringements of competition law under the previous ownership and leadership structure. This has been fully provided for in the audited financial statements. Accordingly, there will be no further financial impact on McGee arising from the investigation.
Having concluded its first full financial year under new ownership, McGee has seen significant progress as an employee-owned business. McGee has a platform for greater alignment, a culture of engagement and empowerment, and stronger governance structures. Employee-owners have a louder voice with an increased drive for improved business outcomes, as they all have a stake in the wealth they help create.
McGee is mitigating inflationary pressures, benefiting from strong client relationships and its self-delivery model. Looking ahead, McGee is well placed to continue to deliver high-profile and complex projects in central London with a strong pipeline of opportunities.
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Media Contact:
Tom Huddart, Camarco
020 3757 4991