Firm’s results come despite ‘large loss’ from Swiss project
Contractor ISG reported its highest ever revenue in full-year accounts this week, despite writing off a “large loss” from a problem project in Switzerland, and restructuring its struggling south-western construction division.
The firm saw revenue expand by almost a quarter to £1.2bn for the 12 months to June in a year of recovery in the private sector fit-out market. The figure was 23% up on the £972m reported in 2010.
However, adjusted profit before tax was £11.5m, marginally down on the £12m recorded in 2010. All divisions made a profit, with the exception of the firm’s continental Europe fit-out business, which slumped to a £782,000 loss on the back of the problem project in Geneva.
Profit in the UK construction business was £2.7m, despite the writing off of £2m for the restructuring of the south-west division, which had been under separate management but has now been “integrated”.
Chief executive David Lawther declined to give details of the loss on the Swiss project, but said he was “very pleased” with the results. “While the market continues to be challenging, there have been signs of recovery in our key sectors […] and the firm is continuing to perform well.”