Sisk edges into UK profit after two years of losses

Aaron Morby 6 years ago
Share

The UK operations of John Sisk & Son returned to profitability last year after several challenging years.

Finance director Maura Toles said the business had been restructured successfully, although this resulted in revenue falling by more than half over the last two years from £418m in 2015 to £188m in 2017.

This downsizing saw staff numbers drop 14% over the year to 391, down from around 500 in 2015 before restructuring took place.

Pre-tax profit edged into the black at £428,000 after the UK business ran up stinging losses of £10.9m in 2016 and £17.7m in 2015.

Toles said: “The business is well positioned to grow its profit levels in coming years and also has a strong order book for 2019.”

Sisk’s UK business has recently secured landmark projects such as the £88m hanger for Boeing at Gatwick and the £190m fourth phase of Great Ormond Street’s redevelopment programme.

The builder is also a primary partner of developer Quintain in its major redevelopment at Wembley Park and at present is delivering over 3,000 residential units in the UK market.

While John Sisk and Son made a small operating profit it still had net liabilities of £4.3m at the end of 2017, although these are being underwritten by John Sisk & Son (Holdings).

The Ireland-based parent company reported a pre-tax profit of €24.7m on revenue down 5% to €792m.

Stephen Bowcott, CEO of John Sisk & Son said: Our engineering and construction business enjoyed a successful year in 2017, where performance reflected strong levels of activity, particularly in areas such as data and technology, life sciences and biopharma, advanced manufacturing, commercial, retail, residential and civil engineering.”

Bowcott added: “The focus we brought to the business in 2017 was around value generation – for our customers, our people and our shareholders.

“This meant a shift from being a revenue-led business to being a profit-led business working with key partners to generate greater productivity in the industry leading to better outcomes for our customers.

“I’m happy to report that Sisk recorded no loss-making projects in 2017 for the second consecutive year.”

 

Latest news

Aluminium cladding specialist collapses

Melton Mowbray-based firm worked for several main contractors
16 hours ago

Brickwork contractor Lee Marley returns to profit

Affordable and rental homes demand lifts brickwork contractor
17 hours ago

Housing contractor Durkan suffers second year of losses

More fire safety provisions tip firm into £3.9m loss
18 hours ago

Farrans makes breakthrough on tricky tunnel job

Tunnel under Tees latest part of new £155m water pipeline job
17 hours ago

Heidelberg buys aggregates and earthworks specialist B&A

Latest deal follows acquisition of Mick George
17 hours ago

Flagship biodiversity net gain scheme flawed

NAO warns Government's flagship green development scheme at risk of failure
4 days ago

Plan in for £3bn Lincolnshire mega data centre

3.3m sq ft Humber Tech Park will be one of Europe's largest data centres
4 days ago

Green light for Digbeth 1,300 homes scheme

Warner’s Fields scheme to start with excavation and landscaping of the River Rea
4 days ago

£210m M3 Junction 9 upgrade gains consent

VolkerFitzpatrick to start work in early 2025 on Winnall roundabout, near Winchester
4 days ago

United Living wins 14-year L&Q homes repairs deal

Trafford housing upkeep deal worth £205m
4 days ago

£400m Lewisham resi-led scheme advances

Land deal paves way for Amro Partners' 1,000-home London scheme
4 days ago

McLaren gets go-ahead for Grade II listed Leeds student scheme

Springfield House to be revamped and two new wings added
4 days ago

Piling giant to fit people alarms on all rigs

Cementation Skanska upgrades site safety systems
4 days ago

Vistry to make £800m profit after subcontractor cost cuts

House builder bullish about shareholder returns after asking suppliers for discounts
5 days ago

Shareholders approve £2.5bn Barratt and Redrow merger

Final hurdle is for the competition regulator to approve the deal.
5 days ago

Green light for £80m Leith waterfront revamp

Build-to-rent homes and student accommodation scheme to be built
5 days ago

Tilbury Douglas clears Interserve legacy jobs to return to profit

Revenue tops £500m in first year as standalone contractor
5 days ago

Land deal paves way for Manchester civil service office hub

Government buys five acres at former Central Retail Park
5 days ago

Speller Metcalfe wins Wolverhampton library upgrade

Full works are due to start in the autumn
5 days ago

Skills shortage puts big infrastructure projects at risk

Government failing as an intelligent client and now over-reliant on consultancies
6 days ago

Contractors face further insulation board price hikes

Cost of PIR insulation boards set to rise another 10%
6 days ago

Henry Boot wins £36m Rotherham Markets job

Project involves upgrading existing market and building a new library
6 days ago

Keltbray hires new head of infrastructure procurement

Lukasz Olszewski will oversee rail, energy and highways business units
6 days ago

Tunnel fit out robot to revolutionise civils work

Costain and VVB Engineering part of innovative consortium
6 days ago

Funding deal for £86m wind turbine test centre

Latest investment at National Renewable Energy Centre in Blyth
6 days ago

Plan in for Manchester ‘upside-down’ 18-storey tower

Landmark cantilevered NXQ building plan for city Northern Quarter
7 days ago

London 25km Super Sewer hooked up for commissioning

Tideway completes connection to existing Lee Tunnel sewer system
7 days ago

£200m Lincoln ring-road approved

North Hykeham Relief Road granted planning permission
7 days ago

£1bn Manchester Airport City plan rebooted as new sci-tech hub

Plan pivots from offices to science and manufacturing campus, called MIX Manchester
1 week ago

Record results at maintenance specialist Renew

Infrastructure maintenance work continues to pay off for contractor
7 days ago

Contractor services