Firm posts £5.8m profit despite poor performance in fit-out division
Interior Services Group (ISG) has posted a 43% rise in pre-tax profit to £5.8m for the six months ending 31 December 2007 despite poor performance in its core fit-out division.
Turnover was up 27% from £411m to £521m thanks largely to its London building division and its regional contracting businesses.
Its London division increased turnover from £95m to £140m and revenue at its regional construction businesses went up from £94m to £136m.
Turnover in its core fit-out market fell from £164m to £161m over the period.
David Lawther, chief executive, said: "We are no benefiting from our strategy of developing other business areas and expanding internationally where we see strong growth.
"We are no longer reliant on any single market, sector or geography."
ISG said its fit-out division would maintain its level of activity in the second half of the year although its order book fell from £208m to £182m over the six months.
There were no long term guarantees and ISG said it would maintain its order book at a similar level in the short to medium term.
Its overseas push saw it grow turnover in Asia from £22m to £30m and in Europe from £3m to £10m.