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SISK Group Profits up 11%
SISK Group has reported an 11% jump in pre-tax profits, for 2010 to €9 million, with revenue flat at just over €1 billion.
The Dublin-headquartered group’s profit rise was driven by strong performance growth in the British building market, where Sisk has jumped from being a top 50 company to a top 20 construction services provider.
The group’s management called it "a solid set of results, given the extremely challenging global economic and financial environment".
Turnover fell by 28% in Sisk’s Irish operations last year, but the division remains profitable. However, as much as 46% of the group’s turnover now comes from outside of Ireland. In 2009, "only" 23% of annual revenue came from overseas.
"The group made an important strategic decision in 2005 to both diversify and internationalise our business. We’re now seeing the benefits of that decision, which took us into new markets and new sectors and has helped us to continue to trade profitably throughout the downturn," said Sisk chief executive, Liam Nagle.
Sisk’s overseas construction divisions in Poland and the Middle East progressed "satisfactorily" last year, but only the Irish and British arms are currently profitable. In Britain, the group is attracting higher value contracts and has diversified into new sub-sectors like civil engineering and power plant construction. Turnover in Sisk’s Britain business grew by 81% last year.