Sisk to sue Poland over road project

The construction firm Sisk is taking legal action against the Polish state in an effort to recoup the €50m-€60m losses it will incur in its 2011 annual accounts on the back of a failed road-building project in the country.

In 2010, Sisk signed a contract with the Polish state to build three motorways. The total value of the contract was €525m, with Sisk having invested a total of €90m.

“We have absorbed these 2011 losses out of our own resources, we have not had to borrow to cover these amounts. The company will end 2012 in profit, with just €3m in debt and there will be €70m in cash sitting on the balance sheet and shareholder funds in excess of €100m,” said Sisk Group chief executive Liam Nagle.