Siteserv revenue trebles to €128m

DUBLIN-based infrastructure and utilities services company, Siteserv has reported strong first half figures, with group revenue more than trebling to €128.4 million.

The company — traditionally known for its construction site services division — now derives more than 70% of revenue from outside of the building sector. The €128.4m in group revenue for the six months to the end of October, was up from €35.5m for the same period last year. Operating profit rose from €6.3m to €13.2m and after-tax profits were up from €4.1m at the halfway stage last year to €5.5m. Adjusted earnings per share for the first half amounted to 4.9c, up marginally from a year earlier when they were 4.1c.

“Our diversification by strategic acquisitions over the last 18 months into the infrastructure and utilities sectors in Ireland and industrial services sector in the UK, has provided us with a diverse range of services and long-term contractual revenue streams and has played a key role in offsetting the impact of economic volatility on the group’s access division,” commented Siteserv chief executive Brian Harvey.

The company’s British operations — boosted by last year’s acquisition of leading construction services firm, Deborah Services — reported revenue of €56.2m for the six months in question, while €60m in revenue came from the Irish infrastructure and utilities side of the business — a performance “ahead of expectations“, according to the company.

In terms of growth, no acquisitions are planned, with consolidation of the bolt-on buys made by the firm over the past 18 months top priority.

However, the company also warned that any further fluctuations in the value of sterling will impact on future results.

Already, as much as 44% of Siteserv’s annual revenues are generated from the British market.