Specialist engineering contractor McGee Group has announced “strong” full year financial results for 2019.
The United Kingdom-based company reported a turnover of £109 million (US$153.7 million) and profits after tax of £8.3 million ($11.7 million) for 2019.
However, McGee said that it expects its 2020 turnover to drop to around £80 million.
Paul Hickey, McGee’s group finance director, said: “The board has undertaken a comprehensive review of the Group’s forecasts to November 2021 in the context of the current Covid-19 situation. Perhaps unsurprisingly, this review indicates that the turnover for financial year 2020 will reduce to between circa £80 million to £85 million.
“However, the board has been proactive in managing the group’s cost base and continues to project a pre-tax profit for financial year 2020. Early indications suggest that we will see a recovery in turnover into financial year 2021.”
The company, which transferred to employee-ownership last year, said that despite the anticipated drop in turnover, its projections continued to show a pre-tax profit for 2020.
Group chairman, Brian McGee, said: “Employee involvement and participation is critical to the success of the Group.”
He added: “In combatting the impact of Covid-19, the Board is grateful for the commitment, resilience and flexibility of our staff who have worked tirelessly to keep the McGee Group operating safely and effectively for our clients.”
McGee also announced the appointment of a new commercial director, which it said would help strengthen its leadership team. Paul Maguire, who has previously held senior positions at Multiplex and Laing O’Rouke Group, will take up the role in September 2020.
Speaking on the appointment, group managing director, Seb Fossey, said: “Paul brings with him extensive experience both working with clients in the London commercial sector and of delivering major programmes of work in the infrastructure arena. ”