Fencing group Siteserv grows profits

Fencing and scaffolding company Siteserv has announced profits of €4.5m after tax for the year ended April 30.

The figure includes the results for Donohue Scaffolding Limited, Holgate Fencing (Ireland) Limited and Easy Access Limited from the date of their respective acquisitions by Siteserv.

Rent-a-Fence Ltd had operating profits of €0.8m (2006: €0.7m) for the year ended 30 April 2007.

Donohue Scaffolding (acquired in June last year) has recorded operating profits of €5.5m (2006: €5.2m) for the year. This came despite a slowdown in the residential construction sector, from which the company derives about 75% of its revenue.

In November 2006, Siteserv plc successfully listed on both the AIM and IEX markets raising €9m from the issue of 19 million ordinary shares at an IPO price of €0.55 per share.

The company said today: "Siteserv plc delivered a satisfactory financial performance in its first reported financial year as a listed group. This is particularly encouraging having regard to the market conditions experienced in the Irish residential construction sector during the second half of the financial year."