Property and facilities management company Irish Estates plc made a profit before tax of €1.8 million in 2005.

The figure represents a reduction in the pretax profit when compared to the pretax profit of its constituent businesses in 2004. The constituent businesses which merged to form Irish Estates made a pretax profit of €1.99 million in 2004. However, a spokesman for the company said such a comparison did not constitute a like for like analysis as it did not take into account factors such as a once-off negative goodwill charge, transaction charges in 2005, and the fact the combined businesses had no debt in 2004.

The company said earnings per share were 13.7 cent and grew by 30 per cent in 2005 on a comparative basis. It said a like for like analysis showed "adjusted" after tax profits rose to €3.23 million in 2005, from €2.94 million in 2004. It said it anticipates continued growth in 2006 through a combination of new and existing contracts.

"The company is seeking acquisition opportunities in the property and facility service areas to augment that growth," it said.

In December 2004, a group of private and institutional investors bought property managers Irish Estates and Vector in a combined deal worth approximately €34 million. In September 2005, the company was listed on Dublin's IEX and London's AIM markets. The figures released yesterday show a combined pretax profit of €1.997 million in 2004 for Irish Estates and Vector.

The figure was quoted in the accountant's report that formed part of Irish Estates' admission document when it was listed in September 2005. The same document gave a turnover of €27 million for the combined businesses in 2004. This increased to €29.57 million in 2005.