Sicon Limited, the parent company of the Sisk Group’s construction and construction related activities in Ireland, the United Kingdom and a number of international markets, has announced its financial results for the year ended 31 December 2019.
Turnover grew by 19% to just under €1.4 billion with profit before interest and tax increased 9.9% to €31.1 million. Shareholders’ funds increased to €85.4 million and the Group has high levels of cash and no bank borrowings. These figures also incorporate the results of the Korine Property Partners and Origo Distribution businesses, both of which are wholly owned subsidiaries.
Over 98% of the Group’s turnover is derived from construction and related activities.
Commenting Chief Executive Officer of John Sisk & Son, Steve Bowcott, said: “We are very happy to report another good set of results for the Group reflecting continued strong financial and operational performance in 2019. John Sisk & Son has a consistent record of excellence in project delivery, innovation and value creation across many different construction sectors and markets, including commercial, residential, civil engineering, data centre and life sciences and celebrated 160 years in business in 2019.
“We are proud of the important role we play supporting key Irish Government policy objectives in the provision of social housing, schools and other public infrastructure. During the year, Sisk Living – the Group’s social housing unit – commenced the building, with its partners, of 590 residential units as part of the Social Housing Bundle 1 PPP project.
“During 2019, we also commenced a number of landmark projects in the UK including the Mercian Project, which at 42 stories is the tallest residential tower in Birmingham, for Moda.
“Our European business has continued to expand primarily in the specialist sectors of data centres and life sciences, where we have extensive experience. During the year, the Group worked on projects in Belgium, the Netherlands, Switzerland, Denmark and Sweden.”
Lockdown restrictions continue to be eased in each of its markets, with construction activity restarting in Ireland on 18 May. The company said: “It is too early at this point to accurately gauge the precise impact that new social distancing measures will have in the short term on productivity levels and costs in construction. We would expect to develop a clearer assessment as the summer year progresses so that we may more accurately assess the impacts of Covid-19 on our business.”
The Group employed an average of 1,735 people in 2019 and places considerable emphasis on the health and safety of its employees, subcontractors and all stakeholders of the business. Each group company sets specific health and safety priorities in line with the Group’s vision, supporting at all times the ‘Zero Philosophy’ strategy which is targeted towards the elimination of incidents and accidents across the Group.
Recognising the importance of mental health and wellbeing, both across the wider construction industry and also in its businesses. The Group has undertaken a number of initiatives in recent times to drive awareness of mental health for employees and their families including the launch of our ‘I Am Here’ program earlier this year.
The Group’s commitment to sustainability and the environment is set out through its environmental and energy management systems which received increased focus during the year.