Acquisitions at Siteserv boost profits to €13.2m

ACQUISITIONS BOOSTED revenues and profits at building and utility services group Siteserv in the first six months of its financial year.

The group said yesterday that revenues for the six months to the end of October last were €128.4 million, almost four times the €35.5 million it posted during the same period in 2007.

Operating profits during the period more than doubled to €13.2 million from €6.3 million, while profits after tax came in at €5.5 million, compared with €4.4 million the previous year.

Earnings per share rose to 4.9 cent from 4.1 cent.

Acquisitions drove much of the growth at Siteserv during the period.

A statement yesterday pointed out that the group has shifted from a focus on providing services to the building sector, such as scaffolding and fencing, to supporting energy and utilities.

The new areas of the business now account for 72 per cent of group revenues. Irish infrastructure and support services generated €60 million in revenues and almost €11 million in earnings before interest, tax and write-offs during the period.

In February last year, it bought Deborah Services in Britain, which provides support services to the energy industry.

Yesterday, Siteserv pointed out that oil giant Exxon Mobil has renewed a contract with Deborah worth a total of £50 million (€55 million) over seven years, from 2008 to 2015.

Deborah specialises in areas such as fire safety, asbestos removal, protective coatings and scaffolding.

Overall, the group said that its multi-disciplinary and infrastructure business had €200 million worth of contracts lasting up to 2013.

Chief executive, Brian Harvey, said yesterday that the group made significant progress in 2009.