McGee employees benefit from rise in profits

Staff at McGee are set for a bonus payout after profits doubled at the specialist engineering contractor.

Latest results for the year to 30 November 2023 show pre-tax profits up to £12.4m from £6.1m last time on turnover up to £121.8m from £83.3m.

Cash at the bank also increased to £14.6 million from £10.3m as the business remains debt-free, other than equipment funding.

McGee became employee owned through an Employee Ownership Trust back in 2020.

The latest results saw employee ownership bonus payments of £558,123 last year with a further £619,343 due after financial year end for its 350 staff who will see average payouts of around £3,300 each.

Seb Fossey, Group Managing Director, 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.”


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