ISG has current orderbook worth £800m

ISG has reported that its current orderbook stands at £800m and that trading for the year ended 30 June 2009 was “in line with expectations”.

A trading update issued this morning points to the diversification strategy which ensured that the anticipated decline in London fit-out and refurbishment has been offset by stronger trading in ISG’s retail and regional businesses – these being driven by frameworks with banks and food retailers. 

The statement added; “Some of our clients have become more cautious in the wake of Lehman's collapse. Consequently, there have been a few cancellations and some delay to certain projects, particularly our European operations.

“Elsewhere overseas, particularly in China, we are experiencing good levels of activity.

“At the interim stage we reported that the order book would reduce as the longer lead time UK fit out, new build and refurbishment projects in the UK are replaced with higher margin, negotiated work across our Retail business and in Europe and Asia.

“The current order book stands above £800m, of which £680m relates to the financial year ending 30 June 2010.

“ISG's balance sheet remains sound and we expect to finish the year with a strong cash position.”