Employee-owned McGee Group’s results for the year ended 30th November 2023 show revenue increasing 46% to £121.8m (2022: £83.3m) and pre-tax profit increasing to £12.4m (2022: £6.1m).
The business remains debt-free, other than equipment funding, and cash at bank increased to £14.6m by year-end (2022: £10.3m).
The McGee brothers (Michael, Brian and John) sold the business to an Employee Ownership Trust in 2020. The company said that the employee ownership model “has been embedded into the business, resulting in improved staff engagement, with operational effectiveness being championed by all”.
A bonus payment of £558,123 was made to the trust last year with a further £619,343 paid after financial year-end.
A strong order book and pipeline of opportunities means further revenue growth is expected this year, which is in line with plans and within operating capacity.
Group managing director Seb Fossey said: “I’m delighted that the business has been able to deliver growth in the last year, despite the challenging market conditions. This has 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.
“We are experiencing a growing appetite for what we do and more importantly, how we do it, resulting in a strong order book and a diverse pipeline of work.”
