Revenues and profits were both down, but it ended the year with zero debt and a healthy net cash balance.
During the year ISG saw its flagship £300m contract to build a battery factory in Blyth unravel when client Britishvolt collapsed. But it also won a £600m contract to build the Sunset Waltham Cross Studios development in Hertfordshire – the highest value project that ISG has ever taken on.
In March 2022 it acquired Irish modular building firm ESS Group but by December it had quietly sold it again – to parent company Cathexis.
ISG has been owned by Cathexis, the investment vehicle of Texan billionaire William Harrison, since 2016. A strategy rethink decided that ESS was likely to win more outside of ISG than inside it, free to work with both ISG and its competitors.
ISG’s financial results for 2022 show revenue down 3.5% at £2,185m (2021: £2,264m) and pre-tax profit down 38% at £11.5m (2021: £18.5m).
However, it also reported a £19.6m profit from discontinued operations – the sale of ESS. This is not included in the £11.5m profit before tax figure in the accounts.
At the end of the year ISG had £104.7m net cash (2021: £119.9m 2021) and a £1.9bn forward order book (2021: £1.6bn).
Chief executive Matt Blowers said: “Our record forward order book reflects the demand for our unique and specialist services. 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.”
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