ISG has announced its ‘best ever’ financial performance, with turnover exceeding £2 billion for the first time in the firm’s history. Pre-tax profit for 2018 was £38.5 million.
The contractor, which has a major base in Glasgow, revealed the figures just three years after the business was taken into private ownership.
ISG’s 2018 Annual Report shows a third consecutive year of ‘record’ growth and profitability for the company, which now employs around 3,000 people and operates in 24 countries. Growth has been achieved across the company’s fit out, construction, engineering services and retail operations, with the company’s international businesses also reporting record figures.
Total turnover is £2.2 billion, with a £1.4 billion forward order book.
ISG revealed it has increased its turnover in continental Europe by over 100% to circa £400 million and has seen ‘no discernible Brexit impact’ from its global customer base, with a 54% rise in revenue from its predominantly London office fit out business to £609 million.
Teaching and R&D projects for Imperial College and numerous science and healthcare projects have seen ISG’s engineering services business increase turnover to £469 million. The UK construction business has increased revenue to £520 million, with notable wins including a major retail development at Waterloo Station and the new headquarters in Watford for a large high-street retailer.
Paul Cossell, CEO of ISG said, “Instead of waiting for new incumbents to disrupt our industry, ISG has used its 30 years’ experience as a market leader to tackle the productivity and cyclical financial issues that have plagued our industry for too long. Traditional operating practices and central command structures do not work in our dynamic society or for agile global customers, so we have embraced change, empower our people to be creative and encourage radical thinking, with technology and innovation at our core.
“What’s clear is that ripping up the old rule book and learning from our tech-led customers has proved transformational for our business. Our people are already generating the ideas and innovation that are proving instrumental in moving our industry forward. From the launch of a new Level 3 qualification, which is already changing the conversation about careers in the built environment, to developing a standard component design for classrooms, or our very first filed patent for in-house developed technology, it is the quality of our people and the supportive structure around them that sets our business apart.”