Saturday 20 July 2019

McGann joins Sisk board and will be its next chairman

Gary McGann has joined the Sisk board
Gary McGann has joined the Sisk board
Gavin McLoughlin

Gavin McLoughlin

Paddy Power chairman and outgoing Smurfit Kappa CEO Gary McGann took up a role on the board of Sicon - holding company for the construction activities of the Sisk Group - earlier this month, according to newly filed Companies Registration Office documents.

McGann is to be appointed chairman of the company in the coming months. He declined to comment.

Last year, McGann was the best-paid chief executive among the Irish Stock Exchange's top 20 companies. His package was worth €7.2m.

His new position will see him replace interim chairman Declan Doyle, who has been in the role since Liam Nagle's departure for Norbrook Laboratories.

Smurfit Kappa announced in May that he would leave the paper and packaging giant at the end of this month and be replaced as chief executive by Michael Smurfit's son Tony.

McGann is also on the boards of Aon Ireland and Green Reit.

Sicon posted a 17pc jump in turnover in its last financial year, taking in €909.1m. Pre-tax profit rose to €8.5m from €1.5m and the company's net debt more than halved from €15.1m to €7.1m.

"The sales breakdown by geography for 2014 was fairly evenly split across the UK and Ireland and we expect this to remain the case in 2015," the company said when it announced its results.

"In construction, we saw a rebound in the trading conditions experienced by the companies operating in our core markets in Ireland and the UK during the year. We believe that the group is well positioned to avail of opportunities that continue to arise as the Irish and UK economies emerge from recession. The group expects to grow its activity levels in 2015 by 10pc from the prior year, with this increase coming equally from Ireland and the UK."

In its comments on Ireland the company said it has "an excellent order book for 2015 and has an excellent pipeline of opportunities for 2016. As a key player in the Irish construction industry, the group is well placed to continue to secure new work as the economic upturn we are seeing in Ireland takes hold nationwide."

The Sisk group, founded in Cork by John Sisk in 1859, has grown into one of the largest Irish companies, diversifying form construction into areas like consumer products and property. It won the contract to erect the Papal Cross in the Phoenix Park.

The group employs around 2,000 people. Sicon operates in Ireland, the UK and the Middle East.

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