Property management company Irish Estates has this morning issued its first results since in floated on Dublin's IEX market last September. It has reported a profit after tax of €3.2m for the year ending December 2005, up from the figure of €2.5m the previous year.
The company said that turnover rose from €27.1m in 2004 to €29.5m in 2005. Earnings per share rose from 10.5 cent to 13.7 cent, an increase of 30%.
The company was formed by Niall McFadden, when he bought Irish Estates, which manages properties on behalf of landlords, from Irish Life and merged it with Vector, which manages properties on behalf of occupiers.
It said there was growth across all divisions supported by a number of new contract wins. It added that it expects continued organic growth in 2006 through a combination of new and existing contracts. 'The company is actively seeking acquisition opportunities in the property and facility service areas to augment that growth,' the company said in its results statement.
Former Paddy Power finance officer Ross Ivers is due to take over as CEO of the group in May.
Shares in the group were up 30 cent to €2.90 in Dublin this afternoon - a gain of almost 11%.
