ISG revenue grows by £300m after pandemic shock

ISG’s revenue grew by almost £300m last year, representing a 15 per cent year-on-year increase, as its annual report showed signs of recovery after the COVID-19 pandemic.

Figures published by the contractor and fit-out firm showed it earned £2.26bn in revenue in 2021, almost £300m more than in 2020 (£2.04bn). But this was still short of the record £2.59bn revenue collected in 2019.

The contractor’s order book at the end of 2021 stood at £1.6bn, up from £1.5bn in 2020, while its cash position also improved – increasing from £101.5m in 2020 to £119.9m in 2021.

Pre-tax profits for the company were also up significantly from 2021, increasing to £18.9m, from £8.9 a year earlier.

Company chief executive Matt Blowers said the report showed the group’s recovery from the economic shock of the pandemic as he celebrated ISG’s “strong foundations”.

He added that the firm would look to build on its sustainability policies in 2022, by aligning with the United Nations Sustainable Development Goals and evolving its business strategy to focus on environmental, social and governance.

Blowers argued that ISG’s ability to innovate had enabled it to “quickly re-establish its financial trajectory” following the pandemic.

He said: “Our industry stepped up during the pandemic in an outstanding display of solidarity, innovation and commitment, and we all recognise that the next frontier is our response to the growing impact of climate change.

“The scale of this challenge is immense, and our approach must be multi-faceted, from attracting the brightest talent into our sector, investing in greater R&D spend, transforming our construction approaches and methods, [to] greater integration with our smart supply-chain partners.”

Blowers added: “Our financial resilience and dynamic 2021 response underscores the importance of holding true to our vision and values, and I’m confident that we will continue to play a leading role in the ongoing transformation of our industry.”

In 2021, ISG introduced its new hybrid working policy to “enhance [the] work/life balance” and “eliminate potential recruitment barriers” for potential staff. The company also doubled its intake of graduates and apprentices.

Last year, ISG’s annual report showed revenue had dropped by £500m, with COVID disrupting projects and clients taking a cautious approach.

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