Infrastructure and utilities support services group Siteserv today reported a 42% jump in first-half pretax profit, helped by acquisitions.
It said that trading since the six month period had ended had been in line with its expectations.
For the six months to October 31, Siteserv posted pre-tax profits of €6.8m, up from the figure of €4.8m reported the same time a year earlier. Revenues jumped to €128.4m from €35.5m a year ago, helped mainly by a nearly seven-fold rise in revenue from its Irish infrastructure and utilities support services.
Deborah Services, the UK contractor which Siteserv acquired last year, added €56.2m to revenues, the company said.
The company, whose non-construction revenue now accounts for 72% of group revenue, said it would continue to focus on the sector due to difficulties in the construction sector and lack of availability of credit to its customers.
'The outlook for the Access business in the near term will continue to be challenging due to the downturn in both the Irish and UK economies. The inability of our customers in these sectors to raise finance will continue to impact on Group revenues, Siteserv said. Access is made up of its Irish equipment hire and sales business.'
Pointing out that about 44% of its business - by turnover - is based in the UK, Siteserv said that any further fluctuations in the value of sterling will affect its results.
Shares in the company closed 11% higher at 10 cent in Dublin today.
