He told the Echo:
“We are working on recruitment all the time and that will continue, but the European Championships impact on what happens.
“Top Premier League clubs have their targets and when they sign players the effect will filter down and others will become available.
“Last season we had to fast-track things and bring players in quickly.
“That is now bearing fruit and we are in a far better position.
“We have the basis of a squad, which we didn’t have a year ago, and can work from there.
“Our targets have been identified and we are talking to clubs, agents and players.
“We are working to push those targets along, but the reality is we still may not get them.
“At that stage we move to our next target. It is all extremely structured and there is no panic going on.”
So far Mackay has made only one signing, goalkeeper Joe Lewis picked up from Peterborough on a free transfer.
“I would love to have all the players we want to sign in by the start of our pre-season trip next month but that won’t happen,” he said.
“But I am in a far better position now than I was before last season.
“I am massively happy with the financial backing I have to bring in players.
“It’s maddening that the transfer window closes at end of August and we start playing Championship football several weeks earlier than that.
“It’s the same for everybody, but clubs, including ourselves, could start with a team and a month later it could look completely different.”