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ISG turnover dips led by fall in London fit-out work

Interior Services Group saw turnover dip 4 per cent in the 12 months to 30 June 2009, due by a 33 per cent drop in workload in its core London Fit Out business.

But turnover in ISG’s retail and regional construction both increased plugging the gap left by the drop off in fit out.

ISG’s group turnover for the year to 30 June 2009 totalled £1.05 billion, down from £1.09 billion the previous year.

Pre-tax profit fell 7 per cent to £11.7 million from £12.6 million the previous year.

London fit-out turnover fell to £380 million from £569 million but retail turnover increased 52 per cent to £208 million from £137 million the previous year.

ISG chief executive David Lawther said the firm was now the biggest player in the UK retail sector.

The firm’s order book fell 22 per cent to £822 million from £1.05 billion, but the firm said there were tentative signs of improvement in pipelines for work in Asia, Europe and London Fit Out.

ISG chief executive David Lawther said: “The business has positioned itself towards more resilient regions and sectors and has achieved an excellent set of results delivered in a challenging global economic environment.

“In the UK our retail frameworks continue to give us visibility through the current year, where our clients are committed to maintaining their capital investment programmes in both the food and retail banking sectors.

“In London and our Regional Construction businesses, we have already secured two thirds of our targeted revenue for the current financial year.

“Overseas we continue to develop and expand our capabilities and are particularly excited about Asia and UAE.

“We are now seeing tentative signs of improvement in our pipelines in some of our major markets in Asia, Europe and London Fit out with our core clients in the financial services, petrochemical and technology sectors once again making strategic investments.

“This is giving us an increased level of optimism for the longer term.”