The 375 employee beneficiaries of the employee ownership trust are sharing 拢604,446 under the bonus scheme, working out at about 拢1,600 each.
For the year ended 30th November 2021, McGee Group turned over 拢92.1m and made a pre-tax profit of 拢6.0m. This was a substantial improvement on the financial year 2020, when it turned over 拢76.0m and made a pre-tax profit of 拢1.6m, but still below the results that the company was achieving before the covid pandemic. In 2019 and 2018 it turned over 拢109m and 101m respectively, with pre-tax profits of 拢8.3m and 拢8.4m.
However, the group remains debt free, funding its working capital requirements from operating activities without recourse to borrowing. Year-end cash stood at 拢10.2m.
The accounts include a 拢2.4m provision for a fine expected to come McGee鈥檚 way. Last week it was one of 120 companies found guilty by the Competition & Market鈥檚 Authority of engaging in big rigging and collusion. [See our previous report here.]
McGee said it was now a different company from before the McGee brothers sold the business to theemployee ownership trust (EOT) in May 2020. It said: 鈥淢cGee acknowledges historic Competition Act infringements as announced by the CMA. These infringements took place under the previous ownership and leadership structure.
鈥淭hroughout the period of the investigation, McGee has co-operated fully with the CMA. Having reached a final settlement position, McGee has certainty over the quantum of its fine and has made full provision in its previous audited financial statements. Accordingly, there will be no further financial impact on McGee arising from the investigation.鈥�
Looking ahead, McGee said that the business was 鈥渨ell placed to continue to deliver high-profile and complex projects in central London with a strong pipeline of opportunities.鈥�
Got a story? Email news@theconstructionindex.co.uk
