Veris profit rises despite 'difficult' trading conditions

Support services firm Veris said profit and revenue at the company rose in the first half of 2008, despite difficult trading conditions.

Revenue rose 35 per cent to €41.7 million in the six-month period, while operating profit rose 6 per cent to €3.1 million compared to a year earlier.

Adjusted diluted earnings per share, which are based on profit adjusted for amortisation of intangible assets and share based payment charges, rose 7 per cent to 9.2 cent.

Strong growth within the facilities management and property management divisions saw divisional profits rise 54 per cent and 13 per cent respectively, leading the two units to account for more than 85 per cent of group revenue.

This was partly offset by weak revenue and profitability in the moving and storage division, leading to overall divisional operating profits of €4.9 million, an 18 per cent rise.

However, the company is planning cost containment measures for the moving and storage division, announced in July, and it is expected that the group will begin to see benefits in the final quarter of 2008.

Chief executive Bernard FarrelL said it was a "solid" financial performance. "We have embarked on a re-structuring plan within our moving and storage division and this allied to strong working capital management will ensure that the company is well placed to take advantage of opportunities as they arise," he said.