Results for Financial Year 2025.
Tuesday August 11, 2026
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McGee delivers strong underlying performance despite exceptional client bad debt
McGee, the specialist engineering contractor delivering complex, high-profile engineering projects, today announces its results for the year ended 30 November 2025.
Highlights
- The 2025 EBITDA % (adjusted to exclude) the impact of the bad debt is 6.5% (2024: 6.3%)
- Results significantly impacted by an exceptional £3.6 million client bad debt arising from an insolvency on a major London hotel development
- Cash at bank of £13.3 million (2024: £16.0 million)
- Debt-free business, excluding normal equipment financing
- 98% of supplier payments made on time
- Net assets of £17.6 million (2024: £17.4 million)
- Strong pipeline of integrated engineering projects, supported by long-standing client relationships and recent strategic project awards
FY2025 was one of the most challenging years experienced by the UK construction industry in recent times. McGee’s reported financial performance was significantly impacted by an exceptional client bad debt following the insolvency of a client on a major London hotel development.
Excluding the impact of the bad debt, the underlying business delivered a strong operating performance despite challenging market conditions and wider geopolitical pressures. Strong cash generation, a debt-free balance sheet and industry-leading supplier payment performance demonstrate the strength of McGee’s operating model, disciplined commercial management and the commitment of its people.
McGee remains focused on its core London market, operating inside and across the M25 corridor. Recent major project wins at Heathrow Airport, 50 Baker Street, and the data centre sector. The pipeline includes a significant project in a prominent West End location, drawing on our established expertise in complex basement and below ground structures. This demonstrates continued client confidence in McGee’s specialist engineering capability and reinforce the strength of its market position. Further details will follow in due course.
McGee’s integrated self-delivery model continues to differentiate the business, providing clients with greater certainty through engineering expertise, operational control and specialist capability. Together with long-standing client relationships and a strong pipeline of future opportunities, these strengths position the business well for FY2026.
Despite market conditions remaining challenging, management is confident the business will return to previous levels of profitability, building on the actions taken during FY2025 and the strength of its underlying operating performance.
McGee continues to invest in its self-delivery model, its people, and engineering capability to maintain its ability to deliver specialist complex schemes.
As an employee-owned business, McGee remains committed to delivering long-term value for its employee-owners. Its values continue to drive the business, with people, culture and securing future success remaining central to the way it delivers for clients whilst navigating an evolving construction market.
Bernard O’Reilly, Managing Director, said:
“We enter the year ahead with confidence, a resilient platform and a continued focus on delivering certainty for our clients through our integrated engineering solutions.”