John Sisk edges into profit after two years of losses

The UK operations of John Sisk 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.

The 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.”

He said that legacy contracts dating back to 2015 had now completed.

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).

 

from Construction Enquirer http://www.constructionenquirer.com/2018/10/22/john-sisk-edges-into-profit-after-two-years-of-losses/

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