Interior Services has breakout performance
Returning confidence in Dubai's construction industry and new contracts in Abu Dhabi helped to bolster the financial performance of the UK construction management company Interior Services Group in the past year.
The contractor had a profit of £700,000in the region in its full-year adjusted pre-tax profit, it said yesterday. It followed a loss of £300,000 the year before.
"In the Middle East, there was a very strong performance, with a good second half to the year as international companies returned to Dubai and Abu Dhabi," the company said.
The region proved a bright spot for Interior Services. Internationally, the company reported a marginal drop in profit as performance weakened in its global fit-out division.
Indications of a bounce-back in important private-sector markets, led by retailers and developers, helped to boost the company's outlook, it said.
Interior Services recently won a contract to provide temporary spectator seating, tents and cabins at venues at the London Olympics next year.
Its revenue in the Middle East was £20m. Interior Services said it was focusing exclusively on fit-outs in the region after dissolving a joint-venture arrangement.
It has secured five of the initial fit-out projects for Sowwah Square, a development at the heart of Sowwah Island, Abu Dhabi's new financial centre.
David Lawther, the company's chief executive, said the results were achieved in a challenging global economic environment.
"The order book is stable, of a high quality and is increasingly weighted towards the private sector," he said.
Fit-out services include design and completion of interiors with partitioning, floors, ceilings, and mechanical, electrical and environmental requirements.
Published: September 7, 2011 04:00 AM