Profits climb to €17.9m at Denis O’Brien’s Actavo

The Denis O’Brien-controlled Irish engineering company, Actavo — formerly Siteserv — recorded a 25% increase in pre-tax profit last year, helped by €99.5m in revenue from its Irish operations.

Siteserv dominated the political agenda for months last year. Social Democrat TD, Catherine Murphy, raised concerns over the sale of the company, by the Irish Bank Resolution Corporation (IBRC), to Millington — which is controlled by Mr O’Brien — for €45m in 2012.

The months-long saga led to an inquiry by Justice Brian Cregan.

Actavo chief financial officer (CFO), Alan Doherty, said yesterday that he saw the IBRC issue as “a different place; a different time” for the company, adding that its senior management are available, if the inquiry “need us for anything”.

Actavo’s pre-tax profits reached €17.9m in 2015, as total revenue climbed 33%, to €431m, on the back of strong, overseas expansion.

A total 70% of the engineering firm’s turnover came from international markets in the 12 months to the end of December.

“We registered significant new business wins, contract renewals, acquisitions and project completions in Europe, Central Asia, Canada, Caribbean and North America [in 2016]. We are continuing with a focus on geographical and sectoral diversification,” said Actavo chief executive, Sean Corkery.

The integration Atlantic Engineering Services (AES), the US company Actavo bought earlier this year, is progressing with further acquisitions that complement its organic growth strategy over the final six months of the year.

Mr Doherty said he is targeting AES being a “€100m-plus” business in the next three to five years.