Services group reports near €2m profits drop

SERVICES group Siteserv had a near €2m drop in profits during the first half of its current financial year, but has said that a good performance in its British operations have offset a poorer showing here.

Yesterday, the company reported a pre-tax profit of €541,000 for the six months to the end of October — down from a profit of €2.3m for the same period last year. First half revenue, however, was up by 3% — on a year-on-year basis — at €84.5m, on the back of new contract wins both here and in Britain. Operating profit, however, fell from €6m to €4.6m.

The company’s management said that current trading remains in line with its expectations, but added that its trading outlook for the full-year — to the end of April — “continues to be challenging”.