{"id":7222,"date":"2025-08-14T07:46:46","date_gmt":"2025-08-14T07:46:46","guid":{"rendered":"https:\/\/cita.co.uk\/news\/?p=7222"},"modified":"2025-08-14T07:46:46","modified_gmt":"2025-08-14T07:46:46","slug":"mcgee-profit-halves-as-project-start-delays-hit","status":"publish","type":"post","link":"https:\/\/cita.co.uk\/news\/mcgee-profit-halves-as-project-start-delays-hit\/","title":{"rendered":"McGee profit halves as project start delays hit"},"content":{"rendered":"<p data-start=\"147\" data-end=\"315\">Specialist engineering contractor McGee saw pre-tax profits more than halve to \u00a35.3m last year as project start delays linked to planning setbacks dented efficiency and margins.<\/p>\n<p data-start=\"317\" data-end=\"508\">Turnover jumped 24% to \u00a3151m for the year to 30 November 2024, driven by repeat business and single-source procurement from clients increasingly adopting McGee\u2019s value-led delivery model.<\/p>\n<p data-start=\"510\" data-end=\"656\">But the employee-owned group\u2019s operating margin plunged to 6.3% from 13.1% as delayed project starts inflated carry costs for plant, haulage and support services.<\/p>\n<p data-start=\"510\" data-end=\"656\">\n<div class=\"ad-mpu ad-mpu-inline\">\n<div class=\"sleeve\"><a data-ad-id=\"474739\" href=\"http:\/\/www.constructionenquirer.com\/wp-content\/themes\/constructionenquirer\/adclick.php?url=https%3A%2F%2Fbrilliantideasltd.co.uk%2Falimats%2F%3Futm_source%3Dconstruction-enquirer%26utm_medium%3Dbanner%26utm_campaign%3Dconstructionenq-ads\" target=\"_blank\" onclick=\"track_ad_click(this);\"><img decoding=\"async\" src=\"https:\/\/www.constructionenquirer.com\/wp-content\/uploads\/6507-BI---Alimats-MPU---Constuction-Enquirer_01_s2.gif\"\/><\/a><\/div>\n<\/div>\n<p data-start=\"658\" data-end=\"903\">The board described the outcome as \u201csub-optimal\u201d despite comparing favourably with sector peers.<\/p>\n<p data-start=\"658\" data-end=\"903\">Seb Fossey, Group Managing Director<strong>,<\/strong> said that the focus would now be on consolidating operations at the current scale while targeting value-led profit growth.<\/p>\n<p data-start=\"905\" data-end=\"1180\">He said that McGee continued to invest heavily in self-delivery capacity, expanding its piling and excavator fleets and growing its stock of bespoke shoring and fa\u00e7ade retention systems.<\/p>\n<p data-start=\"905\" data-end=\"1180\">\n<div class=\"ad-mpu ad-mpu-inline\">\n<div class=\"sleeve\"><a data-ad-id=\"498213\" href=\"http:\/\/www.constructionenquirer.com\/wp-content\/themes\/constructionenquirer\/adclick.php?url=https%3A%2F%2Fwww.ardenttide.co.uk%2Fcw%2FArticle-Seamless-Transition.html%3Futm_source%3Dconstruction-enquirer%26utm_medium%3Dbanner%26utm_campaign%3Dconstructionenq-ads\" target=\"_blank\" onclick=\"track_ad_click(this);\"><img decoding=\"async\" src=\"https:\/\/www.constructionenquirer.com\/wp-content\/uploads\/atl-300-250.gif\"\/><\/a><\/div>\n<\/div>\n<p data-start=\"905\" data-end=\"1180\">Cash at year end rose to \u00a316m slightly ahead of the prior year.<\/p>\n<p data-start=\"905\" data-end=\"1180\">In the year, McGee distributed \u00a3885,355 (2023: \u00a3619,343) via the employee ownership bonus scheme to around 350 staff, amounting to an average payout of around \u00a32,500.<\/p>\n<p data-start=\"1182\" data-end=\"1248\">A \u00a37.5m dividend was paid to the parent company during the year.<\/p>\n<p data-start=\"1182\" data-end=\"1248\">\n<div class=\"ad-mpu ad-mpu-inline\">\n<div class=\"sleeve\"><a data-ad-id=\"492636\" href=\"http:\/\/www.constructionenquirer.com\/wp-content\/themes\/constructionenquirer\/adclick.php?url=https%3A%2F%2Fwinchmorebrickwork.co.uk%2Fabout-us%2F%3Futm_source%3Dconstruction-enquirer%26utm_medium%3Dbanner%26utm_campaign%3Dconstructionenq-ads\" target=\"_blank\" onclick=\"track_ad_click(this);\"><img decoding=\"async\" src=\"https:\/\/www.constructionenquirer.com\/wp-content\/uploads\/WINChMORE_JOBS_MPU.gif\"\/><\/a><\/div>\n<\/div>\n<p data-start=\"1182\" data-end=\"1248\">\n<div class=\"ad-mpu ad-mpu-inline\">\n<div class=\"sleeve\"><a data-ad-id=\"93789\" href=\"http:\/\/www.constructionenquirer.com\/wp-content\/themes\/constructionenquirer\/adclick.php?url=https%3A%2F%2Fwww.constructionline.co.uk%2Fevents%2Fattending-marketplace-live%2F%3Futm_source%3Dreferral%26utm_medium%3Dconstruction_enquirer%26utm_campaign%3Dall_mpl_supplier%26utm_year%3D2025%26utm_content%3Dad_gif\" target=\"_blank\" onclick=\"track_ad_click(this);\"><img decoding=\"async\" src=\"https:\/\/www.constructionenquirer.com\/wp-content\/uploads\/constructionline ezgif.com-speed.gif\"\/><\/a><\/div>\n<\/div>\n<p>from Construction Enquirer https:\/\/ift.tt\/YpTlW59<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Specialist engineering contractor McGee saw pre-tax profits more than halve to \u00a35.3m last year as project start delays linked to planning setbacks dented efficiency and margins. Turnover jumped 24% to \u00a3151m for the year to 30 November 2024, driven by repeat business and single-source procurement from clients increasingly adopting McGee\u2019s value-led delivery model. But the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":151,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[9],"class_list":["post-7222","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-construction-enquirer"],"_links":{"self":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts\/7222","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/comments?post=7222"}],"version-history":[{"count":1,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts\/7222\/revisions"}],"predecessor-version":[{"id":7223,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts\/7222\/revisions\/7223"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/media\/152"}],"wp:attachment":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/media?parent=7222"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/categories?post=7222"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/tags?post=7222"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}