Wembley-based demolition and groundworks contractor McGee Group saw its turnover top £100m last year for the first time and the company is continuing to busier than ever before. For the year ended 30th November 2015, McGee Group made a pre-tax profit of £4.7m on turnover of slightly over £100m. Finance director Paul Hickey said: “2015 has been a transformational year for the business with turnover breaching the £100 million mark and delivering a robust pre-tax profit performance. The group generated £11.1m cash from operating activities which allowed us to deleverage our balance sheet, repaying all external debt. The group had no bank overdraft at 30th November 2015 with cash in hand increasing to £4.4m at the year end.” He added: “Based on the outturn to date in 2016, the group is on track to deliver an even better financial performance in 2016.” Managing director Brian McGee, pictured below, said: “We have every reason to be optimistic about the future. We expect another year of growth and our pipeline of secured work for the next 18 months is at record levels.”     Further Images This article was published on 10 Jun 2016 (last updated on 10 Jun 2016). Source link

©Bloomberg Mitsubishi Corp has become the second Japanese trading house in two days to report massive asset impairments and a likely annual loss, echoing Mitsui & Co’s warning on the effect of plunging commodity prices. On Thursday Mitsubishi, the largest of Japan’s trading houses, said it would write down the value of its assets by Y430bn ($3.8bn). This will wipe out its operating profits and leave a net loss of Y150bn for the year ending March 2016. However, the company it will maintain its dividend of Y50 a share. More On this topic IN Asia-Pacific Companies Losses on this scale illustrate both the aggressive investment by Japanese trading groups in recent years and how far commodity prices have fallen. Ken Kobayashi, chief executive, said Mitsubishi had recognised losses on all of the assets that it is worried about. “The price of oil and minerals has fallen simultaneously after we increased the scale of our resource investments,” said Mr Kobayashi. “The technological innovations allowing extraction of shale gas have been a very large factor.” Mitsubishi’s 20.4 per cent stake in Anglo American Sur, the Chilean copper miner, caused it the greatest pain: a Y280bn impairment. It bought the stake for $4.51bn in 2011 and held it at a book value of Y470bn. Other losses came from gas and iron ore in Australia, ferrochrome in South Africa, decommissioning costs for North Sea oil and a range of other businesses. Mitsubishi’s rivals are suffering in similar ways after shifting their businesses away from trading and towards resources investment in recent years — buying up assets around the world in order to secure resources for the island nation. Mitsui on Thursday forecast its first annual loss since 1947, taking writedowns on many of the same projects that have hurt Mitsubishi. In January, Marubeni also announced large write-offs on commodity investments. Adopting international accounting standards has added to the volatility in trading companies’ results, as it has forced them to recognise impairment losses on their investments. Mitsubishi’s share price fell 4 per cent on Thursday after its announcement, to Y1,920. Copyright The Financial Times Limited 2016. You may share using our article tools. Please don’t cut articles from FT.com and redistribute by email or post to the web. Source link