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Veris pre-tax profits rise 77% to €2.7m

Veris, the IEX listed property services company formerly known as Irish Estates, has reported profit before tax up 77% to €2.7m for its financial year to December 2006.

Turnover was up 62% to €48m and adjusted earnings per share were up 27% to 18.6 cent.

The group said in the year it completed three acquisitions for €22m and it had strong growth across all its business divisions.

Chief executive Ross Ivers said the group is now the market leader in the provision of property management services in Ireland.

He said that in 2007 the group expect to achieve further growth from new contract wins and a continuation of its acquisition strategy.

Veris shares closed up 15 cent at €3.95 in Dublin.