Property services group Veris has reported pre-tax profits of €5.6m for 2007, up 16.6% on the previous year.
Revenues increased by 36% to €65.4m as the company completed its first overseas acquisition during the year - the UK's Orange Group. That deal cost it €15m.
Adjusted diluted earnings per share rose by 22% to 22.7 cent in 2007 from 18.6 cent in 2006.
Veris said its facilities management division saw 18% organic growth, which when combined with the purchase of Orange has resulted in a year on year increase of 23% in revenue to €36m.
Its property management division grew revenues by 49% to €15m, while its moving and storage division had a 'solid' year with revenues of €14.4m, up 68% on the previous year.
Veris said that it is exposed to the economies of Ireland and the UK. 'Despite the recent slowdown in economic growth and the recent credit crisis in the financial markets, the directors have no reason to believe that both economies will not continue to grow albeit at more modest levels than in recent years,' the company said.
Veris said that it remains confident of delivering organic growth across the business and in its ability to make value enhancing acquisitions.
'We will continue to invest in key people to ensure Veris has a robust platform to support its growth strategy. We believe that we will be able to make further good progress in 2008,' commented company CEO Bernard Farrell.
