Contractor ISG has delivered its third consecutive year of record financial performance, as its turnover hit £2.6bn in 2019.
The firm saw an 18% increase in revenue on 2018’s £2.2bn, with underlying pre-tax profit rising from £38.5m in 2018 to £52.5m in 2019.
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ISG’s forward order book remained level at £1.4bn at the end of 2019.
Fit-out continued to make up the bulk of ISG’s revenue, although it was broadly flat in 2019 at £1.2bn. Underlying profit before tax in the division rose slightly to £23.1m, up from £21.2m.
In construction, revenue was up to £662.2m, from £520.2m the year before, but profit in 2019 declined to £4.4m, down from £5.7m. And in engineering services, revenue increased strongly to £798.7m, up from £484.2m. Underlying pre-tax profit in 2019 was £25m, up from £11.6m.
But ISG warned that its revenue between March and June 2020 was likely to by 25% below expectations and it is seeing a lower volume of work on site due to social distancing measures.
Chief executive Paul Cossell said: “As we look to 202 and what promises to be a year of unknowns for many around the world, in particular with the emergence of the covid-19 virus, I am confident in our continued strength. Our robust financial position and ongoing ability to leave a lasting positive legacy in the world around us remain. Even with the impact of covid-19, we will work to set strong foundations for greater future growth.”
