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.”
