‘Mature’ talks with clients help McGee minimise risks

Grant Prior 1 year ago
Share

“Mature discussions” with clients about material price rises enabled specialist engineering contractor McGee to protect its profits despite rampant inflation.

Latest results for the firm for the year to November 30 2022 show pre-tax profits steady at £6.1m from £6m last time despite a dip in turnover to £83.3m for £92.2m.

The company said: “Despite a challenging macro-economic environment, McGee delivered a strong performance in FY2022, highlighting its ability to anticipate, adapt, and mitigate risks.

“Material price volatility was identified early, and the impact on the business was minimised by having mature discussions with clients about how manage the risk best.

“This has helped build the trust and confidence of clients and stakeholders and delivered certainty in financial performance.”

delivering high-profile, complex engineering projects, announces its financial results for the year ended 30 November 2022.

McGee operates as an employee ownership trust with a bonus of £558,123 paid to staff after year-end

Seb Fossey, Group Managing Director, said:  “Our team of engaged employee-owners have once again delivered a solid set of financial results, and the outlook for the business is very positive as we continue to focus on securing technically challenging opportunities.

“Our ability to mitigate risks and build authentic, collaborative relationships has been the cornerstone of our success in recent years. We have continued to see good progress over the reporting period, with external stakeholders now increasingly clear on the benefits of our strategy and operating model.

“We still firmly believe our value proposition is unique – it’s more than just saying we can integrate our activities – it is the culture, behaviours, and organisational design that we have developed and bedded in over time that truly create benefits for our clients.

“Having secured some of the largest and most prestigious specialist engineering packages in London, we are inevitably now anticipating that our revenue will exceed pre-covid levels in FY23 and beyond into FY24 whilst retaining our operational effectiveness.”

McGee said that a £3.7m fine following a Competition and Markets Authority investigation into historical competition issues in the demolition industry, which arose under the company’s previous ownership and leadership was fully provided for in previous accounting periods and has been paid in full “meaning that this matter is now closed.”

Latest news

Three Keltbray managers took £600,000 in bribes

Site managers convicted for taking kickbacks from labour supply specialist
13 hours ago

Bidding starts for £1bn YORcivil major works deal

Eight firms face fight to renew places on big civils framework
13 hours ago

ECF clinches deal for Hull 850-home urban village

East Bank waterside village plan advances
1 day ago

Maintenance firm Cardo in second Scottish acquisition

North Lanarkshire property maintenance firm Rodgers & Johnston bought
13 hours ago

Kier confirms £41m Salford Uni health building job

Work starts on specialist three storey teaching building
14 hours ago

Passenger train derailed after hitting track left by Colas workers

Contractor and Network Rail asked to make improvements after accident
1 day ago

Bryson signs £6m safety products deal with Skanska

Safety specialist becomes sole supplier to contracting giant
1 day ago

Murphy wins £120m St Fergus gas compressor project

Three low emission compressor units to be installed for National Gas
23 hours ago

Blenheim House payout hopes fade as claims hit £33m

Suggested 10p in the £1 payout for subcontractors now unlikely
2 days ago

£1.3bn decarbonising and fire safety deals out for bid

South East Consortium starts hunt for firms for housing upgrade work prize
2 days ago

£30m turnover M&E contractor files administration notice

TNA Electrical makes administration application
2 days ago

Plan for first big offices at £1.7bn Manchester innovation hub

500,000 sq ft of offices planned at renamed Sister development
2 days ago

Murphy starts work on £2.5bn Eastern Green Link 1

Giant subsea electricity cable project will take three years to build
2 days ago

Subcontractors wanted for work across Birmingham

Latest Constructionline event: Register now
2 days ago

Acheson Construction files administration notice

£53m turnover South West contractor lodges court notice
3 days ago

Hunt for 10 firms to deliver £37bn new hospital plan

Race starts for mega-framework with pledge to spread work among all firms
3 days ago

Springfield to build homes for army of green energy workers

Scottish house builder sells 2,480 plots to Barratt Redrow in strategy switch
3 days ago

Preferred bidder for Stoke city centre scheme

Genr8 Kajima to build Etruscan Square scheme in Hanley
3 days ago

BAM go-ahead for £56m Glasgow leisure centre

Work to start on East Renfrewshire complex later this year
3 days ago

Network Rail fined £3.75m after double track worker death

Michael Lewis and Gareth Delbridge were killed while working on rail line in Wales
5 days ago

Local contractor Castle lands £60m South Shields campus

Work to start this summer on new home for South Tyneside College and South Shields Marine School
5 days ago

GRAHAM wins £100m deal after safety regulator approval

Dyecoats scheme in Leeds becomes one of first to receive Building Safety Act Gateway 2 green light
6 days ago

London Super Sewer now fully connected

10-year construction programme draws to a close
6 days ago

McLaren signs off £125m London Bank over-station job

Developer Helical secures funding deal for 8-storey office job
6 days ago

Work on Labour’s new towns to start by 2029

More than 100 sites put forward for a dozen new town locations
6 days ago

Unite hails 12 years without a site accident at Battersea

More than 4,000 union members have worked on the redevelopment without a single serious accident
6 days ago

Housing orders surge offers hope after 5.2% new work fall last year

Housing orders surged 24% in final quarter of 2024 as developers release schemes
6 days ago

McLaren Property gets new Construction Director

Jon Mangham joins from Equans
6 days ago

BAM Construction suffers £40m loss after Co-op Live setback

Civils business profit surges 24% to £80m
7 days ago

Over 150 jobs axed as J S Wright goes under

Insolvency specialist FRP Advisory goes in at Birmingham M&E specialist
7 days ago

Contractor services