ISG tops £1bn turnover but SW arm drags profit down

Grant Prior 12 years ago
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Turnover at Interior Services Group has broken the £1bn barrier but profits remained depressed as the firm’s struggling South West region was restructured.

Results released today for the year to June 30 2011 show turnover up 23% to £1,196m from £972m last time while pre-tax profits remained steady at £9m from £8.7m.

The UK fit-out market continued to lead the way with a 32% rise in revenue to £342m led by work in the London office sector.

Turnover was stable at the construction division where revenue was £476m compared to £474m last time.

But operating profit in construction was dragged down to £2.7m from £5.6m following a poor performance in the South West division which the firm said was “slow to respond to more difficult market conditions.”

The division has now been restructured at a cost of £2m and the former separate regional management team now integrated into the UK construction division.

David Lawther, Chief Executive Officer, said: “We are very pleased with these results, which have been delivered against a global economic backdrop which continues to be challenging.

“We are successfully implementing our strategy of broadening and deepening our service offering, which will enable us to win a greater volume of work, especially with repeat customers and overseas.

“The order book is stable, of a high quality and is increasingly weighted towards the private sector.

“We believe we will continue to weather the continuing uncertainty in the UK economy, and that we are very well placed to grow as the UK and the global economies start to recover.”

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