Latest results for parent company Sicon Limited for the year to December 31 2022 show the UK construction division delivered turnover of £350.7m from £382.9m the previous year generating a pre-tax loss of £2.5m compared to a pre-tax profit of £8.4m in 2021.

John Sisk & Son CEO Paul Brown said: “The business performance in the year was impacted to varying extents by the effects of Covid-19 on projects which commenced building work before the costs of implementing new ways of working were fully understood.

“The business was also impacted by the effects of price inflation, particularly in respect of the impact of energy costs on fixed price contracts. The war in Ukraine had a relatively minor impact of on the company’s construction activities.

“The business anticipates returning to profitability in 2023, with a very strong order book for the current year and good line of sight into 2024.

“In addition, the acquisition of Fuse Rail, an electrification and specialist service provider in the rail sector in the UK, in January 2022 will bolster the Group’s already strong Rail market offering, which we expect to grow significantly over the next five years.”

Group turnover at Sicon was €1.73bn in 2022 from €1.48b last time generating a pre-tax profit of  €11.6m from €19.2m from operations across Ireland, The UK and Europe.

Brown, said: “I am pleased to report a strong financial performance during 2022, demonstrating the resilience of the business despite continued macro-economic uncertainty and inflationary pressures.

“Over the past year, we have continued to enhance our legacy of building excellence with a modern, technologically advanced approach to the delivery of critical infrastructure, creating opportunities for people and contributing to societal progress.

“As we continue to deliver on our purpose of creating places for future generations, the strength of the Group balance sheet and the high quality of our order book will enable us to capture opportunities for profitable growth, while remaining resilient in dealing with the macro-economic challenges we face.”