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ISG orders drop £55m

Interior Services Group has said margins under are under pressure but revenues are holding up as its order book dropped £55 million.

Fit-out firm Interior Services Group’s total order book dropped £55 million from £755m at November last year to £700m at 3 December 2010. But a trading update for the last six months said orders for delivery in the current financial year went up to £520m from £502m in November 2009.

The firm said its net cash for the six months to 3 December would be £2m down on the period to December 2009, when it was £32m. The company expected to meet the board’s expectations for the full year.

It said there had been a reduction in large projects and margins remained under pressure.

But in London it had a steady pipeline of small to medium sized fit-out projects and a strong allocation of financial and food retail fit-outs for 2011. The firm’s UK construction business was expected to maintain revenues but at lower margins.

The company said its overseas blue chip work had grown with a strong recovery in the Parisian office market and increased demand in Dubai and Abu Dhabi. Revenues in Asia were expected to be similar to the previous year.

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