Demolition firm posts income of 拢122m for last year with profit up by nearly 90%
Turnover at demolition and groundworks specialist McGee shot up by 46% last year, according to its latest results.
Income rose to 拢122m in the year ending 30 November 2023 compared to 拢83m for the previous 12 months, while its profit increased by nearly 90% from 拢5.2m to 拢9.9m. It also paid dividends of 拢5m to its parent company.
The firm attributed the earnings to a 鈥渃onsistent strategic focus on delivering well-engineered integrated project solutions for its clients鈥�.
It said it intends to maintain this approach by completing projects which are larger in scale and duration.
McGee鈥檚 employee ownership model saw it hand out bonus payments to staff totalling nearly 拢560,000 during the year, with a further payout of 拢620,000 at year end.
Group managing director Seb Fossey said growth had been achieved by 鈥減rioritising our strategic objective to develop high-value, low risk, and carbon-efficient, integrated-delivery solutions for customers who recognise the value that our approach brings鈥�.
Cash at the yearbend was 拢14.6m, up from 拢10.3m.
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