Construction services firm, Siteserv, has reported profit before taxation of €5.3m, compared to €0.6m the previous year.
For the year to April 30, revenue at the fencing and scaffolding firm was €44.9m, compared to €3.5m the previous year.
The results include recent acquisitions Donohue Scaffolding, Holgate Fencing (Ireland) and Easy Access and the 2006 comparatives figures are in respect of the nine months ended 30 April 2006.
At the end of April 2007 net debt was €44.2m and adjusted diluted earnings per share was 5.5 cent.
Chairman, Hugh Cooney said today that the company delivered a satisfactory financial performance in its first reported financial year despite a tough environment in the second half.
He said : ' This is particularly encouraging having regard to the market conditions experienced in the Irish residential construction sector during the second half of the financial year'.
'While the operating environment in the residential sector is expected to remain challenging, the Board are confident that its exposure to this sector is being well managed', he said.
He said as a result of acquisitions of Holgate Fencing (Ireland) Limited and Easy Access Limited during the second half of the financial year, the Group has significantly increased its presence in the non-residential sector.
In November 2006 Siteserv listed on the AIM in London and IEX markets raising €9m. Investment firm Boundary Capital owns over 10% of the company.
Shares in Siteserv closed up three to 80 cent in Dublin.
