Infrastructure and utilities support services group Siteserv has reported pre-tax profits of €6.8m for the six months to the end of October as revenues fell 36% to €81.7m.
Operating profits for the six month period were down 55% to €6m and the company said that its cost-cutting programme delivered savings of €4.4m.
The company has three three divisions. Its infrastructure and utility support services division, which accounts for 44% of revenue, reported earnings of €8m and revenues of €35.7m for the six month period. This division includes Sierra Support Services and RoanKabin.
Its UK division, Deborah Services, which was bought in February 2008, accounted for 49% of revenues and reported revenues of €40.4m and earnings of €2.5m.
The group's access division, which contributes 7% of revenue, saw very difficult trading conditions and reported revenues of €5.6m and earnings of €0.8m.
'Against a backdrop of significant economic downturn in Ireland and the UK, the group continued to generate profits and cash flow and reduce its overall level of indebtedness,' commented CEO Brian Harvey.
'The focus over the coming year will continue to be on cash generation, whilst developing new business opportunities in existing sectors and diversifying further into new markets,' he added.
