John Sisk & Son reported a significant increase in its UK turnover for 2023, despite facing certain financial challenges.
- The company’s UK turnover rose by 26% to £475 million, despite recording a pre-tax loss due to legacy issues.
- Sisk Group’s overall turnover grew by 43%, with strong performances across various sectors.
- Key achievements included major projects such as a new ferry terminal in Liverpool and an office campus in Milton Keynes.
- The company’s future looks promising with a robust order book for 2024 and a strategic focus on sustainability and digital transformation.
In the fiscal year ending December 2023, John Sisk & Son achieved a notable 26% increase in its UK turnover, reaching £475 million. This growth, however, was accompanied by a pre-tax loss of £9.7 million, which the company attributed to remediation costs associated with a few legacy issues. Despite these financial setbacks, Sisk maintained that the underlying performance of its UK operations remained robust, indicating a strategic resilience against the backdrop of industry challenges.
The parent company, Cork-based Sisk Group, reported a substantial 43% increase in turnover, amounting to €2.5 billion, with a pre-tax profit of €35.9 million for the year. The group’s diversified operations across different sectors contributed to its robust financial results. Paul Brown, the group’s chief executive, highlighted the strength of their underlying UK businesses and the hefty order book secured for the coming year.
Among the highlights for Sisk in 2023 were major projects like constructing a new ferry terminal in Liverpool for the Isle of Man government and developing a 500,000 square foot office campus for Santander in Milton Keynes. These projects, along with several road upgrade contracts under the National Highways’ Concrete Roads framework, underscore Sisk’s capability to handle significant infrastructural undertakings.
Furthermore, Sisk secured a contract with Manchester City football club as part of a £350 million project to upgrade the Etihad stadium, showcasing the firm’s alignment with high-profile developments. Paul Brown expressed confidence in overcoming the legacy challenges, stating, “Our underlying businesses performed very strongly in the year but faced a few challenges related to a small number of legacy issues which we have a firm handle on and have fully provided for in the accounts.”
Looking ahead, John Sisk & Son is poised for a return to profitability in 2024, bolstered by a substantial pipeline of work extending into 2025. The company is focused on executing its strategic ‘Breaking New Ground’ initiative, which prioritises people, sustainability, modern construction methods, and digital transformation. This forward-thinking strategy aims to secure sustainable growth and ensure resilience against future challenges, supporting Sisk’s ambition to create lasting infrastructure for generations to come.
Despite current challenges, John Sisk & Son is well-positioned for future success and sustainable growth.
