Sicon posts €27.5m profit for 2003

Sicon, the building and engineering group, made a pre-tax profit of €27.5 million in the year to end December 2003, according to accounts filed recently.

Turnover was €786 million, a 3 per cent decrease on the previous year. Profits before tax in 2002 were €36.8 million.

The group paid a dividend of €12.3 million and retained the balance. During the year, Mr George Sisk, Mr Henry Sisk and Mr John Sisk, together with their wives and children, each owned a third of the company, according to the accounts.

Accumulated profits at year's end were €152 million. Cash reserves were given as €132 million.

The directors reported that construction operations continued to perform well, with activity and profit levels being stable when compared with 2002.

There were no significant events since year's end and the directors envisaged the group's strength continuing to increase by way of growth and acquisition.

The bulk of turnover in 2003 was in construction/engineering, with a much smaller proportion being in product distribution. Of total turnover, business worth €641 million was in Ireland and €158 million in the UK.