Sicon Limited, the parent company of Sisk construction, has released financial results for the year ended 31 December 2022.
Highlights
- Turnover: €1.73 billion (FY2021 €1.48 billion)
- Turnover in the UK: €491 million (FY2021 €499 million)
- Turnover in Ireland: €997 million (FY2021 €715 million)
- Turnover in Europe: €249 million (FY2021 €271 million)
- Profit before tax: €11.6 million (FY2021 €19.2 million)
- Complete acquisition of Sensori Facilities Management (Dublin)
- Fuse Rail Limited (UK) acquisition
- Vision Built manufacturing relocated to Sligo from Galway
The Group said it maintained high levels of cash throughout FY2022 and has no bank borrowings.
More than 98% of turnover came from construction activities.
In Ireland, the Group saw continued growth in Data, ICT, Life Sciences, AM, Commercial, Retail, Civil Engineering and Pharma sectors and has a strong order book for FY2023.
In the UK, the business saw a loss for FY2022 due to price inflation and the lasting effects of pandemic shutdowns. “The business anticipates returning to profitability in 2023, with a very strong order book for the current year and good line of sight into 2024,” wrote the Group.
In Europe, turnover came from direct construction and construction management services. It is currently operating in Sweden, Denmark, Belgium, Croatia, the Netherlands, and Switzerland.
Outlook
A secured workload for FY2023, good visibility into FY2024, and continued diversification into frameworks in the UK and Ireland.
“I am pleased to report a strong financial performance by the Group during 2022, demonstrating the resilience of the business despite continued macro-economic uncertainty and inflationary pressures,” said CEO Paul Brown.
“As we continue to deliver on our purpose of creating places for future generations, the strength of the Group balance sheet and the high quality of our order book will enable us to capture opportunities for profitable growth, while remaining resilient in dealing with the macro-economic challenges we face.”
Enjoyed this? Try Job losses at BAM after latest restructuring
Get industry news in 5 minutes!
A daily email that makes industry news enjoyable. It’s completely free.