Fencing group posts pre-tax profit of €2.6m

THE Dublin and London-listed fencing and scaffolding group, Siteserv, made pre-tax profits of €2.6 million for the six months to the end of October.

These are the group’s first results since its debut on Dublin’s IEX market and London’s AIM. Total sales reached €16.3m, with €13.2m from Donohoe Scaffolding, another acquisition completed in June 2006.

Revenues from businesses rose 26% and the underlying operating profits were up by 22% to €4.2m.

That figure is inclusive of a contribution from Donohoe as if it had been acquired at the start of the six-month period, the group said.

Continued growth from its businesses is expected in the second half while the group said it was looking to expand through acquisition.

In late December, it announced it would pay €23m to buy Easy Access. Easy Access operates from sites at Clondalkin in Dublin, Tuam in Galway and Glanmire in Cork.

In the year to the end of February, Easy Access had turnover of €16.5m and earnings before interest and tax of €4.3m. Patrick Jordan, managing director of Easy Access, and the rest of management have agreed to stay with the business.

Shares in the group rose 20c in Dublin yesterday to €1.25, an increase of over 1.6% on the day.

Siteserv floated on 15 November at a share price of 55c and raised €10.5m in the process.