Newcourt profits rise as turnover hits €65m

SECURITY and recruitment firm Newcourt Group made a profit of €2.2 million in 2005, its first year as a quoted company.

Profits were up from €340,000 in 2004 as turnover rose from €42.7m to €65.3m.

Turnover at Newcourt's two divisions the provision of security guards and Sigmar Recruitment both saw operating profit rise.

Newcourt's security arm, which trades under the Federal brand, saw turnover rise by just over €17m to €54m and operating profits increase from €2.3m to €4.1m.

Sigmar turnover doubled to €11.3m, with profits coming in at €1.2m, up from €403,000 in 2004. Sigmar's business this year will be boosted following the completion of two acquisitions by Newcourt. The company has bought recruitment firms Kenny Whelan Associated and The People Group.

Newcourt Group chief executive Ted O'Neill said most of the revenue growth in 2005 at Sigmar was organic and during the year the company opened an office in the Czech capital Prague.

Earnings per share for the year, before the cost of listing on Dublin IEX market and London's Alternative investment market, were 6 cents.

The company is not paying a final dividend to shareholders.

Mr O'Neill added that 2006 would be "busy" both with the development of the existing businesses through further organic growth and in "assessing further strategically targeted acquisitions and other developments in the support and outsourced services sector".