11% profits hike for SIAC

Civil engineering and building services group SIAC Construction Limited today announced an 11% increase in pre-tax profits to €4.5m.

Turnover from continuing operations was up to €163m, while net assets increased 9% to €34m.

Finn Lyden, group managing director, said that the results for the year included key achievements in its civil engineering and building services activities.

He said that construction work on the Kilcock to Kinnegad PPP contract which is being built through a joint venture contract with Spanish partners, Ferrovial, is considerably ahead of schedule. This motorway will open in December 2005.

He also announced that this partnership has been selected by the National Roads Authority to negotiate the concession for the 60km M3 Clonee and Kells motorway.

Mr Lyden said that several large construction projects were completed during the year. These included the roofing and cladding and steel erection projects for Intel Ireland at Leixlip and Elan Pharmaceutical at Athlone, and the steel erection project for the Newbridge Shopping Centre.