ISG plc, the international construction services group, today announces its final results for the year ended 30 June 2015.
David Lawther, Chief Executive Officer, said:
It has been a challenging year for ISG, with the Group performance significantly impacted in the first half by the losses in our UK Construction division. We delivered a significantly stronger second half performance, with good results especially in our specialist fit out, engineering services and retail businesses.
We believe that the poor performance and painful restructuring of the UK Construction division is now behind us, and with the outlook for most of our key markets remaining strong, we expect a much improved overall performance for the Group in the year ahead.
- After reporting an underlying loss in the first half of £7.2m, the Group delivered an underlying profit of £14.2m in the second half of the year
- Overall performance of our specialist fit out, engineering services and retail businesses in the UK and overseas up by 50%
- UK Fit Out and Engineering Services operating profit increased by 62%
- London fit out market robust with a strong order book and pipeline
- Continued growth in Engineering Services - currently working on over £0.8bn worth of data centers across Europe
- UK Retail maintaining its market leading position and investing in Realys consultancy offering
- Strengthening performance in Asia and Middle East on back of growing reputation
- UK Construction underlying results materially affected by sizeable losses on a limited number of contracts taken on during 2012 and 2013. Closure of its Tonbridge and London Exclusive Residential activities
- Net cash balance improved to £52.7m at 30 June 2015 (2014: £46.3m)
- Equity placing completed in March raised net proceeds of £16m to support balance sheet and future growth opportunities
- Order book ahead by 14% at £1,118m (2014 restated1,2: £984m) of which £1,030m (2014 restated1,2: £899m) is for delivery in the current year
- Recommended final dividend of 5.00p (2014: 4.91p) having waived interim dividend (2014: 4.54p) 8 September 2015
Download results for the year ended June 2015
Download results for the year ended June 2015 - Presentation