Revenue increased but pre-tax and operating profit fell
Profit at demolition and structures specialist McGee has fallen to 拢5.3m in its latest results.
The figure, which came on revenue which increased from 拢121.8m to 拢151.4m, was lower than the 拢12.4m profit recorded in the previous year.
The results, for the year ended 30 November 2024, also showed that operating profit had dropped from 拢12.55m to 拢5.58m.
The group鈥檚 strategic report said that the profit generated had 鈥渇allen short of expectations鈥� and that from the board鈥檚 perspective it represented 鈥渁 sub-optimal performance, though it compares favourably with the performance of many of our peers鈥�.
It explained: 鈥淎 key challenge has been the significant delays to project commencement and progress, largely due to planning setbacks faced by our clients.
>> Also read: McGee makes change at operations director role
鈥淭he unpredictable nature of the planning process has led to higher carry costs and reduced efficiency across our support services, including plant and haulage.鈥�
The group, which operates under an employee-owned structure, started work on the redevelopment of the former ITV studios on London鈥檚 iconic South Bank at the beginning of this year.
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