Major public construction projects help Siac to €2.2m rise in profits

Major construction projects boosted turnover and profits at building firm Siac during 2005, the latest figures show.

Siac Construction Ltd, one of the country's biggest civil engineering and building services groups, said yesterday that turnover grew 46 per cent last year to €239 million from €164 million in 2004.

Profits growth also surpassed 40 per cent, with an after-tax surplus of €6.2 million in 2005 compared to €4 million the previous year The company's statement said that its balance sheet strengthened considerably as well, with net assets swelling by 19 per cent to €36 million.

Group managing director Finn Lyden announced yesterday that a consortium to which Siac belongs has been chosen by the National Roads' Authority to build the €600 million Clonee-Kells motorway.

Plans for this project were halted by concerns about the archeological sensitivities of the area through which the road would be travelling. However, it has since been rerouted.

Siac is part of the Eurolink consortium, whose other members are Spanish companies Ferrovial and Cintra.

The news follows a recent announcement that Siac had bought UK steel fabricator Bison Structures Ltd from its parent. Industry sources valued the deal at €6 million.

Siac's involvement in big public projects such as motorway building and private ventures such as the Newbridge Shopping Centre and the Fab 24 plant at Intel in Leixlip Co Kildare drove growth at the building company during the year.

Siac owns 34 per cent of the first public-private partnership (PPP) toll road, the M4/M6 Kilcock to Kinnegad motorway. It was opened in December 2005, a year ahead of schedule.

Mr Lyden said it had also been active in the UK, completing a number of contracts for hospitals under the private finance initiative, the British version of PPPs.

Siac is a private company owned largely by members of the Feighery family. Commenting on the results yesterday, chairman Ciaran Feighery said "significant growth was seen across many of our business units with profits in line with expectations".