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McGee profits drop

FINANCE

TURNOVER crashed at Griffiths McGee in the wake of the firm completing the demolition of Wembley Stadium in London.

The privately owned outfit finished the job in early 2003, when turnover hit £32.7 million. It fell to £14.4 million in the year to May 2004.

Results filed at Companies House show that pre-tax profits at the firm, which is based in Wembley, dropped to £128,110 from £154,117 in 2003.

The company, which is owned by McGee Holdings, also does some groundwork and, despite the slump in performance, the directors are 'looking forward to the future with confidence'