McGee Group today announced a 56 per cent leap in revenue for the year ending 30 November 2011.
The construction and demolitions firm said that revenue rose from £58.8 million to £91.7m over the year.
But the firm will not issue a dividend and warned that margins remain under pressure due to intense market competition.
McGee group financial director Graham Payne said: “Pre-tax profit for the year amounted to £3,068,362.
“However, the directors have not recommended taking a dividend, deciding instead to retain profits to expand the business further.”
The group’s net asset position rose by 26 per cent from £9.7m to £12.3m over the year, he said.
McGee Group chairman Ian Reeves CBE said: “Although we expect the market to remain challenging, McGee’s strength now lies in the diversity of its operations.”
The firm also announced a number of staffing changes, including Declan Sherry’s appointment as managing director.
His predecessor in the role, Jim Mackey, will take on the new position of chief technical advisor and ambassador for the group.
Nick Taylor has been appointed head of demolition, Rod Wooderson as head of engineering, Simon Weir as commercial manager for the firm’s northern office, Ross Miller as head of piling and Karl Dunstan as head of plant and transport.