Contractor records 拢3m profit as revenue jumps 56%

McGee Group has turned a loss of 拢794,667 in 2010 into 拢3.07m profit for the year to December 2011, according to its latest results.

The construction and civils contractor said its revenue had increased 56% to 拢91.7m over the period, while net assets increased 26% to 拢12.3m.

The firm said the latest profits would be retaind to further expand the business.

Director John McGee said the group鈥檚 brand continued to demonstrate its core value to clients, giving them confidence in the face of the extreme economic climate.

鈥淲ith 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鈥檚 financial performance,鈥� he said.

鈥淭his is highlighted by the record-breaking turnover of 拢91.7m, demonstrating that the strategy for recovery as set out in last year鈥檚 Annual Report is now proving effective.鈥�

Chairman Ian Reeves said that while the market was expected to remain challenging he expected the diversity of its operations to be a strength.

鈥淭he 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,鈥� he said.

鈥淭his provides our clients with an integrated 鈥榦ne-stop-shop鈥� and the business is also in a first-rate position to take advantage of opportunities as they arise.鈥�

Recent successful UK projects for the firm include student accommodation in Newcastle for Balfour Beatty and Heathrow T2B for BAA.

It has now also commenced work on several deconstruction projects in Christchurch, New Zealand.

McGee also announced that Declan Sherry had taken over the role of managing director from Jim Mackey, who becomes chief technical advisor and ambassador for the group.

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