22.01.2007

Siteserv reveals profits

Irish fencing and scaffolding group Siteserv reports €2.6 million profits for the six months to the end of October. This is its first results since floating on Dublin's IEX market.

Total revenue was €16.3m, with €13.2m from Donohoe Scaffolding, which Siteserv acquired in June last year. Siteserv said revenue from its existing businesses was up 26 percent.

Underlying operating profits rose by 22 percent to €4.2m and includes a contribution from Donohoe as if it had been acquired at the start of the six-month period.

Siteserv said it was confident of continued growth from its existing businesses and was also looking for new acquisition opportunities

Siteserv listed on the Dublin IEX and London AIM markets early in November last year and then purchased Holgate Fencing (Ireland) for €19 million. The company also bought Easy Access – the Irish formwork and scaffolding supplier - for a maximum of €23 million earlier this month.