Siteserv profits jump by double

SITESERV, the building industry services firm, made a pre-tax profit of €12.2 million in the 12 months to the end of April. That figure was up from €5.3m the previous year.

The Dublin-listed maker of fencing, scaffolding and motorway barriers said the performance in the year, which was one of diversification for the group, was strong.

Yesterday Siteserv climbed six cents, or 29%, to 27c, the steepest gain since November 2006, when it first sold shares at 55c apiece.

That gave the Dublin-based company a market value of €32.6m on a day it was the biggest winner on the 35-stock Irish Small-Cap Price Index.

Net income in the year through April rose to €10.3m from €4.53m.

Sales almost tripled to a figure of €133.8m while revenue grew from €44.9m in 2007 to €133.8m.

Siteserv chief executive Brian Harvey said: “I am pleased to report on another year of strong performance for Siteserv plc, which has also been a year of transformation and diversification for the group.

Siteserv acquired British-based Deborah Services Holdings, Sierra Communications and Roankabin Holdings in the year.

Davy analyst Robert Gardiner said the group's results were broadly in line with expectations.

The group employs 2,200 people in Ireland and Britain.