SIAC announces 39% rise in profits in 2003

Construction group SIAC has announced operating profits up 39% to €12.3m in its results for the year ended December 31, 2003.

Following the costs of discontinuing one of its UK operations, profits increased 6% after tax to €4.3m.

Net assets have increased by 14% to €31.1m.

Outlining the basis for the results, Finn Lyden, managing director, drew attention to a number of key achievements during the year such as the commencement of construction on the 35km Kilcock to Kinnegad motorway, the first public-private partnership toll road contract in Ireland.

SIAC is both an investor in the project as well as a partner in the joint venture constructing the road.

SIAC has also completed the Lissenhall, south of the Boyne and Boyne Bridge sections of the M1 in 2003. To date the Group has constructed nearly 50 km of this primary motorway between Dublin and the border.

Commenting on the results, Ciaran Feighery, chairman, said: “The Group’s core business units have performed strongly and produced significant operating profits. This provides a strong platform for the future."