Interior delight as UK orderbook improves 17%

A trading update from Interior Services Group says that the UK orderbook has improved by 17% during the current year, from £320m at the end of December 2003 to £370m at the end of May.

Recent project wins totalling over £130m include work for Bechtel, Nomura, BP and the Lawn Tennis Association.

When ISG produced its interim results it warned that the period to June was the most difficult it had yet experienced, with the orderbook running 20% down on the previous year. As a result, profits in the second half of the financial year would be down.

David King, executive chairman, said: "In the short-term our core markets remain challenging. However, looking further forward, I am excited by the prospects for our business. We can see solid evidence of a recovery.

"This will drive the recovery in our financial performance, although this will not impact until late 2005 or early 2006."

Board changes, following the sale of the facilities management subsidiary to Erinaceous, are afoot. King will become the group's chief executive and Roy Dantzic arrives as the new non-executive chairman. David Lawther, finance director, remains on the board.