ISG鈥檚 revenue for 2020 was down 23% to 拢2.0bn (2019: 拢2.6bn). Pre-tax profit was down 80% to 拢8.9m (2019: 拢44.2m).
It ended the year with 拢101.5m net cash (2019: 拢116.9m 2019) and a forward order book of 拢1.5bn(2019: 拢1.4bn).
Underlying EBITDA for the year was 拢37.6m (2019: 拢63.3m 2019).
Chief executive Paul Cossell said: 鈥淚n one of the most challenging years for our industry, clients and society in general, our resilient 2020 financial performance is testament to the outstanding contribution and commitment of our people and supply chain partners to drive projects forward safely.
鈥淔our years of consistent profitability and growth provided the financial and structural resilience to weather an unprecedented period of market uncertainty and emerge with a record forward order book, which resets us on our previous growth trajectory. I鈥檓 passionate that ISG continues to be at the forefront of creating many of the world鈥檚 most innovative and advanced buildings that have a profound and positive impact on our environment, communities and helping to transform lives.鈥�
| 拢尘 | ISG Group | Fit Out | Construction | Engineering Services |
|---|---|---|---|---|
| Underlying Revenue 2020 | 2,026.40 | 1,042.30 | 690.8 | 293.3 |
| Underlying Revenue 2019 | 2,584.10 | 1,223.20 | 562.2 | 798.7 |
| Underlying EBITDA 2020 | 37.6 | 28.9 | 1.9 | 6.8 |
| Underlying EBITDA 2019 | 63.3 | 30.9 | 4.7 | 27.7 |
| Forward order book 31/12/20 | 1,510.80 | 699.5 | 498.9 | 312.4 |
| Forward order book 31/12/19019 | 1,399.60 | 429.2 | 786.2 | 184.2 |
Finance director Karen Booth said: 鈥淗ighlights from the group鈥檚 cashflow for the year include net cashflow from operating activities of 拢1.5m. With operating profit before interest and tax, but after depreciation and amortisation, of 拢9.8m, demonstrates we have been able to utilise our working capital in this challenging year in continued support of our supply chain.鈥�
She added: 鈥淎s a signatory to the Prompt Payment Code in the UK, we are proud that we pay 96% of all invoices within 60 days, which is higher than the Code鈥檚 requirements. Our average payment days is much less at 30 days.鈥�
Talking specifically about ISG's construction business outlook, she said: "2021 will be all about consolidating and building on the successes of 2020. Key projects will complete this year, such as the redevelopment of the Compton and Edrich Stands at Lord鈥檚 Cricket Ground and our global retailer client鈥檚 new European headquarters, and work will continue on the 拢89m Interchange project in Cardiff for Rightacres, along with multiple schemes for Alliance Leisure and Fusion Students. The business will continue to target increased revenue streams from frameworks and key strategic clients. In addition, it will start to focus more on larger projects, investing in new sectors through frameworks including defence, as well as those growth sectors where the business already has a strong track record, such as education and justice. A shift towards MMC [modern methods of construction] and development of our Design for Manufacture and Assembly (DfMA) offer will also be an area of focus for 2021."
ISG is owned by Cathexis, the investment vehicle of Texan billionaire William Harrison, which took it over for 拢85m in 2016 and de-listed it from the London Stock Exchange.
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