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In a trading update to the City today, ISG said conditions in its UK construction business were particularly challenging in the regions and it was now planning to 鈥渞educe volumes鈥� in the business.

The firm said: 鈥淚n our UK construction business, trading conditions in the year have remained difficult, in particular in our Eastern and Midlands regions, where we are in the process of reorganisation to reflect the current market conditions.

鈥淥verall for the year we anticipate a small decrease in revenue with a small recovery in margins before reorganisation costs.鈥�

ISG predicted however that its core London office market would 鈥渃ontinue to improve鈥� and said it was continuing to target growth in data centres, high end residential and international work.

The group also announced that it has conditionally agreed to acquire a minority interest in Brazilian fit out and refurbishment firm Ace and had won a 拢127m data centre job in the 鈥楴ordic region鈥�.

ACE, which boasts a turnover of 拢10m and employs around 115 staff, provides services in Rio and Sao Paulo and to international clients.

Under the terms of the acquisition, ISG will purchase an initial 20% minority interest in Ace for 拢1.9m and will have a 12 month option to acquire the remaining 80% of shares in Ace for a maximum consideration of 拢12.7m, payable over four years.

David Lawther, ISG chief executive said: 鈥淲e are delighted to have been able to find a point of entry into an exciting new geographic area for ISG, Brazil, the sixth largest economy in the world.

鈥淥ur method of entry via an initial minority interest in Ace will permit us to gain a deeper market knowledge and understanding of the business before we exercise our option to acquire the remaining shares over a four year period.

鈥淲e believe that we will be able to assist Ace鈥檚 future growth by introducing our international client base and enabling the development of new sectors.鈥�

ISG also confirmed it had been appointed as lead contractor on a 鈥渟econd Nordic data center project for a global technology company鈥� but declined to name the client or even the country

The contract win is a boost for the firm after it endured problems on its high-profile 拢100m data centre for Santander. , ISG left the job unfinished, with the project around 8 months behind schedule.

Lawther added: 鈥淥ur overseas activities are making an increasingly significant contribution to the Group and our growing reputation with multi-national blue chip companies will underpin our continued targeted geographical expansion.鈥�