Outsourcing services group Newcourt, which is involved in security, recruitment and property services, has reported pre-tax profits of €5.7m for last year, more than double the €2.2m recorded in 2005.
Turnover jumped by 78% to €116.5m, with most of the increase coming from seven acquisitions made by the company last year.
Adjusted earnings per share were 9.97 cent, compared with 6.09 cent in 2005. The company's net debt jumped from €4.6m to €27m as a result of its buys. No dividend will be paid.
Newcourt said its performance in the first months of this year was 'encouraging'.
A breakdown of the 2006 results showed that profits in its security and student accommodation division grew by 88% to €7.9m on 63% higher turnover of €87.9m.
Profits in the recruitment and aviation outsourcing division jumped 162% to €3.3m as turnover more than doubled to €28.5m.
Newcourt shares closed up ten cent at €1.79 - a jump of 5%- in Dublin this evening.
