29th Sep 2014 07:26
LONDON (Alliance News) - ISG PLC said Monday that its UK Construction business has secured three major regional projects valued at GBP48 million.
The construction services company said that it will be working at the Royal Botanic Gardens, Kew, as well as delivering two new leisure centres for Walsall Council.
At the Royal Botanic Gardens, USG will restore the Temperate House, the largest remaining Victorian Glasshouse in the world. The GBP24 million project will transform and modernise facilities at this iconic building, and will house Kew's world-class collection of temperate plants when formally re-opened in May 2018, said the company.
The regeneration project in Walsall is also worth GBP24 million. ISG will replace Oak Park and Bloxwich Leisure Centres with new state-of-the-art facilities, including 25 metre eight and six lane swimming pools, sports halls, 100 station fitness suites, dance studios, squash courts, café and upgraded external pitches.
"The UK Construction business continues to focus on converting high-quality, larger value opportunities across our core sectors," said ISG Chief Executive David Lowther in a statement Monday.
Earlier this month the company said pretax profit more than doubled in its last financial year, as operating profit in its office fit out business nearly doubled and items like restructuring charges fell, and it is expecting a further improvement this year on the back of an 18% increase in its order book.
ISG reported a pretax profit of GBP6.8 million for the year to June 30, up from GBP3.0 million a year earlier, partly because restructuring costs, acquisition expenses and amortisation fell. Its closely-watched underlying pretax profit, which strips out those items rose to GBP11.5 million, from GBP9.1 million as revenue from continuing operations rose to GBP1.48 billion, from GBP1.25 billion.
The company said growth was driven by its UK Fit Out and Engineering Services business, which nearly doubled its operating profit. It was awarded GBP410 million of new office fit out work, including six projects in excess of GBP15 million, including the fit out for the new UK headquarters for Swiss bank UBS.
Shares in ISG were Monday trading 0.52% lower at 313.35 pence per share shortly after the market open.
By Alice Attwood; [email protected]; @AliceAtAlliance
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