LONDON (Alliance News) - Construction services company ISG PLC on Tuesday said its expects to meet expectations for the year to the end of June, as a better-than-expected performance in its fit out, engineering and retail businesses was offset by losses on contracts secured in 2012 and 2013.
ISG said its UK and international fit out, engineering and retail businesses traded ahead of expectations in the year, with a boost also coming from a turnaround in its UK construction business, where it has secured contracts in line with its expectations over the past 18 months.
But the group's results will only meet its expectations, rather than exceeding them, due to previously flagged losses on contracts secured in 2012 and 2013 in its UK construction business. Those contracts are being completed and closed out, and ISG said it will continue negotiations to close out these deals up to the posting of its full-year results in September.
ISG said its current order book is at GBP1.11 billion, with GBP875 million of this due to fall in its 2016 financial year.
In a separate statement on Tuesday, ISG said it has secured GBP80 million in commercial fit out projects in the three months to the end of June. Among them, it was awarded a GBP24 million deal for the Stockley Park office development in Thames Valley and secured a contract for the London headquarters of Switzerland's Zurich Insurance.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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