McGee posts record results as South East market powers ahead

Specialist contractor McGee has reported a record turnover and rising profits in its latest results.

A continued focus on its core London and South East market saw turnover tick up to £125m for the year to November 30 2016 from £100m last time while pre-tax profit rose to £8.4m from £4.7m.

McGee is best known for demolition but now offers clients a ‘one stop shop’ including pre-construction and enabling works, decontamination and remediation, demolition, asbestos removal, specialist civil/structural engineering and groundworks, piling, construction, haulage, recycling and tipping.

McGee Group Finance Director, Paul Hickey said: “Our financial result in FY2016 was delivered off the back of the strong foundations put in place in the business in preceding periods.

“The business fundamentals are very strong, record turnover at £125m, robust pre-tax profit, no loans or overdrafts and £9.4m cash at bank – the Group generated £13.0m cash from operating activities in 2016.

“The economic and political uncertainty generated by the Brexit vote will inevitably have an impact in 2017.

“However, the extent of that impact in the Central London and South East markets where McGee Group trade is likely to be softened by a weakened currency increasing the attractiveness of sterling investments.

“We’re optimistic about the future and are poised to deliver another set of healthy results in FY2017.”

McGee Group Managing Director Brian McGee added: “I believe this impressive result is brought about by the business offering a first class service to all its clients, utilising our own direct resources across all disciplines, ensuring programme certainty and delivering projects within budget.

“I am proud to say that the in-house resource that McGee retains is the very best and most experienced in the market place today; the delivery of such good numbers is a testimony to the skill, initiative and hard work of all our people.

“Once again, we have every reason to be optimistic about the future”

from Construction Enquirer http://www.constructionenquirer.com/2017/05/18/mcgee-posts-record-results-as-south-east-market-powers-ahead/

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