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Siteserv buys boost 2008 profits

Dublin-listed Siteserv has reported pre-tax profits of €12.25m for the year ending April 2008, up from the figure of €5.3m the previous year.

Revenues grew from €44.9m to €133.8m after a year of transformation and diversification for the group.

Siteserv supports sectors as diverse as power generation, schools, hospitals, pharmaceuticals, civil engineering, special events, agriculture, motorway construction, satellite installation, building and construction.

The company said that acquisitions made during the year had enabled it to broaden its infrastructure and utilities support service offering in both Ireland and the UK. It said this positions it to deliver near and long term growth in these markets.

The firm entered the UK market for the first time during the year when it bought Deborah Services for £48.2m sterling.

Siteserv also bought Sierra Communications last October for €52m and Roankabin Holdings in November for €8.2m.

Shares in the company soared by 28.5% to stand at 27 cent in Dublin this afternoon - up six cent.