Siteserv almost doubles first-half profits to €4.7m

SITESERV, the building industry services firm, nearly doubled its first-half profits.

The firm, which provides fencing and scaffolding to construction sites, said pre-tax profits in the six months to the end of October increased to €4.7 million from €2.4m a year earlier.

The higher profits came as turnover jumped to €35.4m from €16.2m. Turnover was boosted by a number of acquisitions including the €52m takeover of Sierra Communications.

Chief executive Brian Harvey said the company was considering further acquisitions to develop the company.

Mr Harvey said the company’s acquisition strategy has been to focus on buying businesses servicing the commercial, infrastructural and utility sectors and reduce the level of operating profit derived from the Irish residential sector to less than 30% of overall group operating profit.

Shares in Siteserv rose by 7% yesterday to 45 cents, though are trading below the 55c price they floated at last year.