The parent company, Cork-based Sisk Group, reported a 43% increase in turnover to €2.5bn and generated profit before tax of €35.9m for the year with strong levels of growth in most of the sectors in which it operates.
But while Sisk’s UK turnover rose substantially, the business recorded a pre-tax loss of £9.7m (2022: -£2.5m) attributed to remediation costs in respect of a “small number of legacy issues”.
The underlying performance of Sisk’s UK operation remains strong, the company said. The group’s JSS Rail and Fuse Rail businesses which provide a range of specialist services to rail operators in England and Wales, performed strongly in 2023, as did the London construction business across a range of commercial and residential projects.
The company said it has a very strong order book for 2024 and a good pipeline of work through to 2025 and will return to profitability this year.
Among the company’s 2023 highlights were the deliver of a new ferry terminal in Liverpool for the Isle of Man government, a new 500,000 sq ft office campus in Milton Keynes for Santander and several road upgrade contracts carried out under the Concrete Roads framework for National Highways.
Sisk has also recently secured a contract with Manchester City football club under a £350m scheme to upgrade the Etihad stadium.
Paul Brown, chief executive of John Sisk & Son 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.
“We are seeing the benefits of executing our strategy - Breaking New Ground - which is focused on our people, sustainability, modern methods of construction and investment in digital transformation.
“As we continue to deliver on our strategic purpose of creating places for future generations, the financial strength of the group and the quality of our current projects and future pipeline will enable us to capture further opportunities to deliver sustainable growth.”
Got a story? Email news@theconstructionindex.co.uk
