News
20/09/07 ISG Pearce Annual Results
A surge in workload from £121 million to £158 million was matched by an increase in profitability and is the result of a major strategic review instigated two years ago, which has seen the company reassess every aspect of its operations and markets.
Chief Executive, Colin Forrest, said: “ISG Pearce has had a very good year, exceeding our expectations in every area. Financially, we have grown sales by almost a third and have more than doubled operating profitability – virtually quadrupling our pre-tax profit in the process.
“Elsewhere, we have further improved our safety record, winning a RoSPA Gold Award; and have significantly enhanced our employment attractiveness, achieving 81st place in the 2007 Sunday Times Best Companies to Work For competition and recruiting more than 50 additional members of staff.
“Our decision to focus on four key sectors – retail work nationally; and industrial, affordable housing, and education sector construction in the South West – has really worked for us and shows every sign of delivering further dynamic growth for us this year, as we forecast growth towards £200 million.”
ISG Pearce has continued to build a national reputation for its work in the retail sector, where the company is a market leader – activity on its national retail frameworks grew by 42 per cent in the last financial year.
Colin Forrest said: “Our relationships with Sainsbury’s and Marks & Spencer in particular have developed well alongside our long term customers, Tesco and ASDA. We also delivered four contracts for Primark and two for Morrisons last year.”
The company has further reinforced its presence in its home region in the South West, winning a number of major new contracts here in its focus industrial, education and affordable housing sectors. It was also named Construction Firm of the Year in the 2006 South West Commercial Property Awards
Colin Forrest said: “With the South West now the fastest growing region of the UK, our regional construction business is also experiencing strong growth, with a 17 per cent increase in the year.”
New projects won in the South West region during the year included a major new factory and other site developments for Rolls-Royce at Filton, two industrial projects for Terramond Developments, a major factory extension for Hygrade Foods and the substantial new Bath Business Park for Cubex Land.
Colin Forrest, said: “We must give credit for our success to our highly motivated, hard working team – their high morale and strong capabilities will ensure that our progress will be sustained.”
Looking to the future, Colin Forrest is confident: “We will continue to carefully manage our activities, ensuring that our good progress will be sustained. Our ambition this year is to continue our growth, underpinned by further improvements in our operational performance & profitability.
“In particular, we have initiatives underway to further improve our safety & sustainability record, our supply chain structure, our skills, and crucially, the quality of the experience that we deliver to our customers and our employees.
“Our ability to attract and retain the very best people in the construction sector is critical to our continuing success. With highly motivated, inspired employees continuing to provide an outstanding service for our clients, we will continue to thrive.”
ISG Pearce Annual Results
Vital Statistics at a Glance:
...............................Year ended 30 April 06 Year ended 30 April 07
Turnover £120,886,000 £157,911,000
Pre tax profit £561,000 £2,082,000
Net cash £2,365,000 £16,666,000
