ISG, previously stock exchange listed, was taken over by Cathexis Holdings in 2016. Its annual report for 2019 shows a pre-tax profit of 拢44.2m (2018: 拢27.4m) on revenue of 拢2.58bn (2018: 拢2.2bn), with a 拢25m dividend paid out to the owners.
When ISG was taken private, chief executive Paul Cossell announced a target of 拢50m underlying profit before tax by 2021. With an underlying pre-tax profit of 拢52.5m for 2019 (2018: 38.5m), the target has been achieved two years early, prompting Mr Cossell to declare it 鈥榓 banner year鈥�.
The current year is unlikely to be quite so good. ISG expects its revenues for the four months March to June 2020 to be down 25% due to the impact of Covid-19 restrictions. Beyond that remains largely unpredictable.
ISG鈥檚 star performer in 2019 was engineering services, where growth related in a 拢25m profit (2018: 拢11.6m) on revenue of 拢799m (2018: 拢484m). However most of this 鈥� 84% of engineering services revenue 鈥� came from outside the UK (and mainly Asia).
The biggest part of the business remains fit-out, although its contribution to group revenue dipped slightly from 拢1.23bn in 2018 to 拢1.22bn in 2019. However, fit-out鈥檚 underlying pre-tax profit rose from 拢21.2m to 拢23.1m.
Revenue from construction rose to 拢562m (2018: 拢520m), with underlying pre-tax profit dipping from 拢5.7m in 2018 to 拢4.4m in 2019.
The balance sheet shows total net assets of 拢123m, of which 拢168.9m is listed as goodwill,
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