Revenues up, new appointments at Vector

Workplace and facility management company Vector saw revenues grow to €23m in 2003.

Almost 18% of total revenues is made up in the pharmaceutical and public sectors, according to preliminary results published today.

2003 was a year of both change and consolidation, with a strategic investment of around €2m being made in the business for a minority share by a number of institutional investors, it said in a statement issued today.

Vector also announced a number of new contracts and the appointment of three non-executive directors to its board.

Former Bank of Ireland executive Donal P McCarthy will become non-executive chairman while Ion Equity managing director Neil O’Leary and Anglo Irish chief executive Sean Fitzpatrick will become non-executive directors respectively.

Recently, the company was awarded contracts by The European Commission, Railway Procurement Agency, Broadcasting Commission, Boston Scientific and Takeda Pharmaceuticals.

Anne Ita Ryan, Vector’s Finance Director said today: "Despite the economic difficulties being experienced by the business sector, 2003 has been a very satisfactory year, with our fourth consecutive year of revenue growth, improved cash flow, €5.5m in retained profits and continual growth in our customer base.

“Bringing in both external investors as well as new directors onto the board will ensure that our focus on customer satisfaction, growth & profitability will continue and provide us with extra impetus to expand the business,” Ryan added.

Vector was formed in 1999 and employs 100 staff with 50% holding a stake in the business.

It has offices in Dublin, Waterford and Galway, as well as in Northern Ireland.