But UK workloads hold up, firm says in latest accounts

A weaker performance from overseas markets saw profit and revenue at ISG drop last year, the firm’s latest accounts reveal.

Income in 2022 was £2.19bn, compared with £2.26bn the year before, while pre-tax profit was down 38% to £11.5m.

While fit-out revenue dropped across the company’s global operations, income in the UK increased marginally from £771m in 2021 to £786m last year.

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ISG’s studios scheme at Waltham Cross in Hertfordshire is believed to be worth around £600m

Revenue in the UK construction business, which completed high-profile projects at London Waterloo Station and at the Sky Innovation Centre last year, also grew, up to £1.06bn from £1.03bn.

Last year saw the firm increase its presence in the hyperscale construction market, securing the single largest value project in its history – a £600m Sunset Waltham Cross Studios development in Broxbourne, Hertfordshire.

ISG had also been involved in the stalled Britishvolt gigafactory in Northumberland before the government-backed battery firm went into administration.

Chief executive Matt Blowers said the firm had a record forward order book of £1.9bn.

“In addition to our traditional sectors, we are increasingly working on hyperscale schemes in growing segments, including semi-conductors, film studios, future mobility and life sciences,” he added.

Average staff numbers were up to 3,079 from 2,982 in 2021. Net cash was down to £104.7m from £120m last time.

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