Demolition firm posts income of £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 £122m in the year ending 30 November 2023 compared to £83m for the previous 12 months, while its profit increased by nearly 90% from £5.2m to £9.9m. It also paid dividends of £5m to its parent company.

mcgee

McGee’s turnover increased by 46% last year

The firm attributed the earnings to a “consistent strategic focus on delivering well-engineered integrated project solutions for its clients”.

It said it intends to maintain this approach by completing projects which are larger in scale and duration.

McGee’s employee ownership model saw it hand out bonus payments to staff totalling nearly £560,000 during the year, with a further payout of £620,000 at year end.

Group managing director Seb Fossey said growth had been achieved by “prioritising 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”.

Cash at the yearbend was £14.6m, up from £10.3m.

Topics