Siac Holdings makes pretax profit of €5m

SIAC HOLDINGS, the lead contractor on the M3 motorway, which opened yesterday, made €5 million in profits last year.

The parent of the Siac group of construction and civil engineering businesses said turnover last year dropped to €282 million from €414 million the previous year.

It said pretax profits fell by more than 30 per cent to €5 million in 2009, compared to €8.4 million the previous year.

Siac chief executive Finn Lyden said that in light of the economic downturn, the board was “every pleased” with the group’s performance.

Siac is one of the biggest contractors in the State. Along with Spanish construction giant Ferrovial Agroman, it was the lead contractor on the 60km (37-mile) M3 motorway through Co Meath.

Through a joint venture with another Spanish operator, Cimolai, subsidiary Siac Butler’s Steel provided the steel used on the rebuilding of Lansdowne Road stadium.

Last year the company also completed the regeneration of Armagh city centre, as well as projects such as a windfarm in Co Limerick for Airtricity and Scottish and Southern Energy.

With the rate of new contracts coming on stream in Ireland slowing rapidly, the group has begun focusing more of its efforts on overseas markets.

The group’s balance sheet remained strong last year.

Net assets grew slightly to €46.5 million at the end of 2009 from €45 million 12 months previously. It had cash in hand of €36.6 million.