But firm says cash balance nearly doubled last year

Pre-tax profit at John Sisk dropped more than 40% last year, its latest accounts filed at Companies House have revealed.

The firm, which is building several residential towers in Birmingham, said pre-tax profit fell 44% to 拢2.8m in the 12 months to December on turnover down 7% to 拢390m.

sisk

Complying with social distancing measures ate into Sisk鈥檚 profit last year

Sisk, which said it was not paying a dividend, claimed nearly 拢1m under the government鈥檚 Coronavirus Job Retention Scheme. It did not say how many of its 600 staff it had furloughed during the period.

It said it had modelled budget drops of between 10% and 30% for this year and concluded there was 鈥渘o indication of a long-lasting impact on the profitability and liquidity of the company鈥�.

Sisk added it had strong order book for 2021 and a 鈥済ood line of sight鈥� on work for next year.

Its cash balance increased from 拢32m to just over 拢62m.

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