Firm鈥檚 results come despite 鈥榣arge loss鈥� from Swiss project

Contractor ISG reported its highest ever revenue in full-year accounts this week, despite writing off a 鈥渓arge loss鈥� from a problem project in Switzerland, and restructuring its struggling south-western construction division.

The firm saw revenue expand by almost a quarter to 拢1.2bn for the 12 months to June in a year of recovery in the private sector fit-out market. The figure was 23% up on the 拢972m reported in 2010.

However, adjusted profit before tax was 拢11.5m, marginally down on the 拢12m recorded in 2010. All divisions made a profit, with the exception of the firm鈥檚 continental Europe fit-out business, which slumped to a 拢782,000 loss on the back of the problem project in Geneva.

Profit in the UK construction business was 拢2.7m, despite the writing off of 拢2m for the restructuring of the south-west division, which had been under separate management but has now been 鈥渋ntegrated鈥�.

Chief executive David Lawther declined to give details of the loss on the Swiss project, but said he was 鈥渧ery pleased鈥� with the results. 鈥淲hile the market continues to be challenging, there have been signs of recovery in our key sectors [鈥 and the firm is continuing to perform well.鈥�

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