Group revenue was up 20% for ISG in 2021 to 拢2.2bn (2020: 拢2.0bn) and pre-tax profit more than doubled to 拢18.5m, up from 拢8.9m in 2020
Underlying earnings before interested, taxation, depreciation and amortisation (Ebitda) were 拢43.4m (2020: 拢37.6m).
ISG entered 2022 with 拢119.9m net cash, a record 拢1.6bn order book (up by 拢100m during the year) and no debt.
It is another solid performance by the company since its takeover by young Texan billionaire William Harrison (via his Cathexis private equity vehicle) for 拢85m in 2016, when it de-listed from the London Stock Exchange. William Harrison, aged 36 this year, remains chairman of the company.
The Fit-Out business had a particularly strong year; in fact it was the only one of the group's three divisions to show growth, although Construction also improved its profits.
In 2021 ISG鈥檚 Fit Out business generated revenue of 拢1,393.7m (2020: 拢1,042.3m), Ebitda of 拢36.5m (2020: 拢28.9m) and ended the year with a forward order book of 拢776.8m (2020: 拢699.5m).
The Construction business had revenue of 拢669.6m (2020: 拢690.8m), Ebitda of 拢4.4m (2020: 拢1.9m) and ended the year with a forward order book of 拢530.5m (2020: 拢498.9m).
The Engineering Services business generated revenue of 拢163.6m (2020: 拢293.3m), Ebitda of 拢2.5m (2020: 拢6.8m) and ended the year with a forward order book of 拢263.4m (2020: 拢312.4m).
Chief executive Matt Blowers, who took over from Paul Cossell at the start of 2022, said: 鈥淚 am pleased to be able to report that, despite the ongoing uncertainties and disruption caused by Covid-19, 2021 saw us start returning to the levels of growth we were seeing before the pandemic.鈥�
He added: 鈥淥ur strong foundations and continuous focus on optimising innovation and efficiencies have enabled the ISG business to quickly re-establish its financial trajectory, characterised by the largest forward order book in our history.
鈥淥ur industry stepped up during the pandemic in an outstanding display of solidarity, innovation and commitment, and we all recognise that the next frontier is our response to the growing impact of climate change. The scale of this challenge is immense and our approach must be multi-faceted, from attracting the brightest talent into our sector, investing in greater R&D spend, transforming our construction approaches and methods, and greater integration with our smart supply chain partners.
鈥淚t鈥檚 also about harnessing technology and taking greater accountability for our solutions, forging long term relationships with our stakeholders, and delivering facilities that improve lives, generate prosperity and legacy without harming our planet. Our financial resilience and dynamic 2021 response underscores the importance of holding true to our vision and values, and I鈥檓 confident that we will continue to play a leading role in the ongoing transformation of our industry.鈥�
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