Sisk family group posts 33% profit rise

Pretax profits at the Sicon group, one of the largest privately-owned businesses in the State, rose by more than 33 per cent to €36.78 million in 2004, newly filed accounts revealed. Arthur Beesley, Senior Business Correspondent, reports.

The rise was reported on the back of a 41 per cent rise to €1.11 billion in sales at the group, which owns the Sisk construction business and a number of smaller distribution, quarrying and property companies.

Controlled by members of the Sisk family, the group posted profits after tax of €30.45 million and paid out dividends of €7.67 million. Retained profits at year-end increased to €175.69 million from €152.26 million.

The accounts for Sicon Ltd do not break down the performance of the individual companies within the group, which employ 2,126 staff.

In addition to John Sisk & Sons Ltd, its wholly-owned subsidiaries are: electrical goods distribution firm Beaver Distribution; quarrying and limestone supply company Stone Developments; and property firm Korina Property Partners.

Sicon and the building materials group CRH each owns 50 per cent of William Cox Ireland, a glazier.

Separate accounts filed earlier this year show that the bulk of Sicon's sales - some €1.025 billion - were generated John Sisk & Sons Ltd, the building company. That company's pretax profits were €37.41 million, a figure that surpasses Sicon's pretax profit. Sisk paid out dividends of €20.27 million in 2004.

The latest accounts for Beaver Distribution, which has franchises to distribute the Toshiba and Bosch electronic goods brands, show that its turnover rose to €49.89 million in 2004 from €46.06 million.

With operating profit rising to €1 million from €970,081, a rise in pretax profits to €2.79 million from €587,249 came after an exceptional profit of €2.24 million on the sale of a premises on the Greenhills Road, Tallaght. A dividend of €241,624 was paid.

Sicon's directors said in their report with the Sicon accounts that the distribution business "had a good year supported by improved levels of consumer spending and maintained its gross margin in a most competitive market". Accounts for the other operating companies in the group are not available. However, the directors provided a positive commentary on the property business in their report.

"Investment property management activities generally benefited from strong rental growth and high occupancy figures. The group acquired two new properties in the UK. "