John Sisk & Son has reported a 26 per cent increase in turnover to £475 million in the UK in its latest financial results.
Sisk Group, parent company of John Sisk & Son in the UK, reported turnover in the year to December 2023 increased 43 per cent to €2.5 billion while generating a pretax profit of €35.9 million.
The Irish firm’s healthy UK turnover reflects strong underlying performances from large scale residential and commercial projects.
Despite a strong underlying performance, the company reported a pretax loss for £9.5 million for the year (FY2022: £2.2 million), related to remediation costs recognised in the accounts in respect of a small number of legacy issues.
The Group’s JSS Rail Limited and Fuse Rail Limited businesses, which provide specialist services to rail operators in England and Wales, contributed to the company’s strong performance, as with its London construction business across a range of commercial and residential projects.
The company said it has a very strong order book for 2024 and will return to profitability in 2024, with a good pipeline for work in 2025.
Key projects in 2023:
- New ferry terminal for the Isle of Man Government in Liverpool
- 500,000 sq ft campus for Santander at Unity Place in Milton Keynes
- Concrete Roads Framework for National Highways
John Sisk & Son also landed ‘the largest build-to-rent deal outside London’ in Birmingham, valued at £302 million back in April last year.
In may, the company secured the contract with Manchester City Football Club as part of the €350 million development of the Etihad stadium.
John Sisk & Son CEO Paul Brown said: “Our underlying businesses performed very strongly in the year but faced a few challenges related to a small number of legacy issues which we have a firm handle on and have fully provided for in the accounts.
As part of the wider Sisk Group we are able to take a more strategic view on the results and I am very happy that we have an excellent mix of multi-year projects in our UK business.
“The wider Sisk Group reported another year of strong financial performance for 2023, demonstrating the resilience of the business.”
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