Firm expecting 40% hike in next set of results

Turnover at demolition firm McGee is expected to be up by more than 40% this year, the firm has said in its latest results.

Revenue for the 12 months to November 2022 was down 10% to £83m but the firm said it expected income for the current year to more than £120m. Pre-tax profit last year edged up 3% to £6.1m.

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McGee said turnover will be beyond the £120m mark next year

The firm said it has mitigated the impact of rising material prices “by having mature discussions with clients about how manage the risk best”.

McGee, which was one of 10 firms fined by the Competition and Markets Authority for its role in the bid-rigging scandal which hit the demolition sector, said it had accounted for the £3.7m fine it was handed by the cartel-buster earlier this year.

McGee operates as an employee ownership trust with a bonus of £558,123 shared between the firm’s 350 staff, the accounts added.

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