18 April 2017
ISG has reported a strong financial performance in its first set of accounts as a private company. Headline results from the international construction services company, over the 10-month reporting period, reveal a significant increase in underlying profit to a record £25.5m, with a net cash position of £60.8m. The company’s forward order book remains healthy at £1.0bn and has greater diversity in scope and scale of projects, positively setting up each of ISG’s business units for growth in 2017.
Set within the context of a momentous year in the history of ISG, during which time the company delisted from the Stock Exchange and was taken into private ownership by long-term supporter – Cathexis, the results demonstrate positive progress and validation of the long-term strategy of the new board, led by CEO Paul Cossell.
Paul Cossell commented: “This has been a year of change and transition for ISG - positioning our business for a sustainable and profitable future. I’m pleased to announce that we are well advanced on this journey.
“I’m proud that we have not only maintained our industry-leading positions as the UK’s number one office fit out and retail shopfitting contractor during 2016, but we have also seen our UK Construction business return to profitability. Our businesses in Asia, Continental Europe and the Middle East positively contributed to our record performance and our Engineering Services offer continues to build on our excellent reputation for delivering highly engineered and technology-led projects in the UK and Western Europe.”
The broad diversity of ISG’s workforce is essential to the future success of the business and in 2016 over 22% of employees were women – double the industry average. ISG is committed to encouraging greater diversity of both gender and ethnicity in the workplace and this is a key focus for the business moving forward.
ISG’s Accident Incident Rate (AIR) has always been industry-leading, and this trend continued in 2016 with a reported figure of 1.26 – the national industry average is 5.2. The business backed up this excellent performance with a haul of RoSPA awards over the period, including five President Awards, nine Gold Medals and 15 Gold awards. ISG is also joint first place in the industry league table for carbon reduction – with an A- CDP score.
Mark Stockton, ISG’s CFO, adds: “Returning to profitability in 2016 marks a strong beginning to ISG as a privately-owned business. In this 10-month reporting period, ISG has demonstrated that with an absolute focus on winning and successfully delivering the right type of work, we can be a truly industry-leading organisation. This is an exciting time for ISG as we stretch our horizons towards the North American market and further develop our niche specialism in tech-led construction solutions.”
Paul Cossell added: “We have made excellent progress in 2016 by focusing on our core specialisms and delivering the best customer service in our industry. As incoming CEO, I am immensely proud of our achievements in a year dominated by change. The quality, professionalism and innovation of our people explain why ISG is such an inspirational place to work and I’m confident that we have now set the conditions for an outstanding performance in 2017 and beyond.”