Newcourt shares down despite double profit

NEWCOURT, the property services and recruitment group, doubled its profits in the first six months of the year.

Pre-tax profits increased to €5.2 million from €2.5m, a rise of 108% year-on-year.

Revenues rose by 45% to €65.7m, mainly as a result of organic growth with the two acquisitions made during the six months — CCM Recruitment and Aldborough Developments — chipping in just €330,000 of the overall revenue rise and only €40,000 to profits.