McGee recovery strategy sees record revenue

Grant Prior 11 years ago

The McGee Group has seen turnover surge as its recovery strategy continues to pay dividends.

The Wembley based contractor saw revenue rise to £91.7m for the year to November 30 2011 from £58.8m last time.

The company warned that margins are still under pressure due to intense competition and the directors have decided not to take a dividend despite a pre-tax profit of £3m.

McGee Group Director John McGee said: “The McGee brand continues to demonstrate its core value to clients, giving them confidence in safety, quality and professionalism, even in the face of the extreme economic climate that persists in the marketplace.

“With the many challenges that the construction sector has faced in recent years, McGee is delighted to be able to report this strong improvement in the company’s financial performance.

“This is highlighted by the record-breaking turnover of £91.7m, demonstrating that the strategy for recovery – as set out in last year’s Annual Report – is now proving effective.”

McGee Group Chairman Ian Reeves said: “Although we expect the market to remain challenging, McGee’s strength now lies in the diversity of its operations.

“The group provides construction services from pre-construction and enabling works, decontamination, demolition, piling, civil and structural engineering to building construction, with the company either taking the role of a specialist or acting main contractor.

“This provides our clients with an integrated ‘one-stop-shop’ and the business is also in a first-rate position to take advantage of opportunities as they arise.”

McGee has already recorded a profit for the first four months of the current financial year and hopes to continue on this course throughout 2012.

Recent personnel changes at the firm have seen Jim Mackey handing over managing director responsibility to Declan Sherry to take on the new position of Chief Technical Advisor and Ambassador for the group.

Nick Taylor has been appointed as Head of Demolition, Rod Wooderson as Head of Engineering, Simon Weir as Commercial Manager for the northern office, Ross Miller as Head of Piling and Karl Dunstan as Head of Plant and Transport.

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