Irish contractor the Sisk Group saw profits rise by 11 per cent in a “landmark” 2010, as revenue outside of Ireland doubled and the UK became its largest employment market.
Reporting full year results to 31 December 2010, the group – which includes John Sisk & Son, Eschmann and Cardiac Services - said it continued to experience “very difficult trading conditions” across its businesses, with “most trading within expectations”.
But the firm said 2010 was a “landmark year” as 46 per cent of turnover came from outside of Ireland - double the 2009 figure of 23 per cent. It has redeployed 133 staff to its international operations, with the UK becoming its largest employment market. The group employs about 1,900 people in total.
Revenue was at €1,005.3m (£872m) compared with €1,013.1m the year before (£894m). Pre tax profit was at €9m (£7.81m), which was11 per cent up on the previous year. Group operating profit, before goodwill, amortisation and exceptional items, increased by 6 per cent to €30.4m (£26.3m).
Chief executive Liam Nagle said the group is seeing the benefits of diversifying and expanding overseas.
He said: “In 2010, almost 50 per cent of turnover was generated outside Ireland, a reflection of how much the profile of the group has been transformed in recent years.
“Nevertheless, we remain very aware of the macro-economic issues and uncertainties across Europe, and so believe it is prudent to continue to remain cautious for the foreseeable future.”
Net debt was at €61.3m (£53.2m) with €175.9m (£152.7m) cash in the bank.