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Thu December 07 2023

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Sisk reports rises in turnover and profit

10 Jun 19 The company that owns Sisk has achieved a 24% rise in turnover in 2018, with pre-tax profit up 6%.

Turnover grew to just under €1.2bn (£1.07bn) and group reported a pre-tax profit of €28.3m (£25.2m).

The results were reported by Sicon, which is the holding company for Sisk’s construction and construction related activities in Ireland, the United Kingdom and a number of international markets. The figures also incorporate the results of the Korine Property Partners and Origo Distribution businesses, which are wholly owned subsidiaries of Sicon. Over 97% of the group’s turnover are derived from construction.

The majority of its turnover came from Ireland (€748.8m), followed by the UK (€395m) and Europe (€28.3m), with 'other' accounting for €0.7m.

Sicon said that the group has significantly reduced bank loans in recent years, and in 2018 decided to repay its remaining bank loans so that it is now debt free.

The group expects 2019 turnover to exceed 2018. Sisk chief executive Stephen Bowcott said: “The Irish business is well positioned for 2019 and we have a number of major projects currently underway. We also expect the Sisk Living team – the social housing unit in Sisk - to build approximately 590 units having recently been awarded the Social Housing Bundle 1 PPP project as a member of a consortium with Macquarie, Oaklee and Choice Housing.  Sisk will also deliver 1,500 additional residential units in Ireland for several other clients.

“In the UK, we have commenced a number of landmark projects such as the tallest residential tower in Birmingham for Moda. We are also expanding our business in Europe in a number of sectors including data centres and life sciences where we have extensive experience.”

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Last year was marked by the completion of and appointments to a number of landmark projects. Sisk has recently delivered the Capital Dock Development, which includes Ireland’s tallest residential building along with 32,000m2 of commercial space. It has also made progress on the construction of the first Center Parcs in Ireland, having won the contracts for both the accommodation and central buildings of the project in County Longford. 

Sisk Living was established in 2016 as the housing unit within Sisk. In 2018, its work included the construction of the George’s Place project for Dun Laoghaire Rathdown County Council.

Sisk and Designer Group launched a new joint venture company last year - Sensori FM - to deliver facility management services. 

In the UK, Sisk’s projects included the completion of a restoration and construction project in central London for the Royal Academy of Arts. The scheme, which was carried out as part of the 250th anniversary celebrations of the Royal Academy, included a link bridge to bring two listed buildings together for the first time.

European projects included work for Primark in several countries.

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