Contractor records £3m profit as revenue jumps 56%

McGee Group has turned a loss of £794,667 in 2010 into £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 £91.7m over the period, while net assets increased 26% to £12.3m.

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

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

“With 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’s financial performance,” he said.

“This is highlighted by the record-breaking turnover of £91.7m, demonstrating that the strategy for recovery as set out in last year’s Annual Report is now proving effective.”

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

“The 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,” he said.

“This provides our clients with an integrated ‘one-stop-shop’ and the business is also in a first-rate position to take advantage of opportunities as they arise.”

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.