Ireland’s biggest builder now employs more staff in the UK than at home
Ireland’s largest building firm Sisk Group saw pre-tax profit rise 11% last year.
Releasing results for the year to December 31 2010, the firm - which works mainly in the UK and Ireland but also in the United Arab Emirates and Poland - saw profit before tax rise from €8.1m to €9m while turnover remained flat at just over €1bn.
Sisk Group, which employs 1,900 people and has a substantial healthcare arm in addition to its construction business - John Sisk & Son - said the result was testament to its growing international operations.
The UK business is now Sisk’s largest area of activity, with 50% of staff here including around 500 construction workers.
Major projects include tunelling for Crossrail, the Athlete’s Village at the 2012 Olympic Park and Whitelee wind farm in Glasgow.
Chief executive Liam Nagle said: “Sisk Group made an important strategic decision in 2005 to both diversify and internationalise our business. We are now seeing the benefits of that decision, which took us into new markets and sectors and helped us to continue to trade profitably throughout the downturn.
“Nevertheless, we remain very aware of the macroeconomic issues and uncertainties across Europe and so believe it is prudent to continue to remain cautious for the foreseeable future.”
Nagle added that Sisk ended the year with a cash balance of €176m and debts of €61m, flat on the previous year.
He admitted that Ireland was a particularly tough market but added: “We are still the biggest builder in Ireland and believe we are winning more than our fair share of work there.”
Sisk Financial Performance:
2010 2009 % Change
Group turnover €1,005.3mn €1,013.1mn -0.76%
Operating Profit €30.4m €28.7m +6%
Goodwill & Amortisation (€7.1mn) (€8.1mn)
Exceptionals €1.3mn (€16.1mn)
Profit before tax €9.0mn €8.1mn +11%
Shareholders’ Funds €204.1mn €203.5mn
Cash and bank balances €175.9mn €221.1mn
Bank loans and overdrafts €61.3mn €62.1mn
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