John Sisk & Son, the UK operation of the Sisk Group, fell into the red last year after the business continued to count the cost of a small number of legacy jobs.
The latest reported £9.7m loss follows a smaller £2.5m loss in 2022 tarnishing an otherwise “strong underlying performance” from large-scale residential and commercial projects that lifted revenue 25% to £475m.
Paul Brown, CEO of John Sisk & Son, said: “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.
“As part of the wider Sisk Group, we are able to take a more strategic view on the results and I am very happy that we have an excellent mix of multi-year projects in our UK business.”
He said the London construction business had performed particularly well across a range of commercial and residential projects.
Brown said that Sisk enjoyed a very strong order book for 2024 with good visibility for 2025 planned workload.
He predicted Sisk would return to profitability this year.
The Irish-based Sisk Group reported a 43% increase in turnover to €2.5bn and generated profit before tax of €36m.
Sisk Group’s JSS Rail and Fuse Rail businesses, which provide a range of specialist services to rail operators in England and Wales, also performed strongly last year.
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