UTILITY AND construction support group Siteserv has announced first-half pre-tax profits of €6.8 million, compared to €2.3 million a year earlier.

The company said revenue for the six-month period ended October 31st totalled €81.7 million, down 36 per cent from €128.4 million last year. Operating profits were down 55 per cent to €6 million from €13.2 million. A cost-reduction programme helped to generate savings of €4.4 million.

The group is in three divisions. Its infrastructure and utility support service division accounted for 44 per cent of revenue during the period under review.

Revenue at the division totalled €35.7 million as against €60 million a year earlier while earnings before interest, tax, depreciation and amortisation (Ebidta) fell from €10.9 million to €8 million and operating profit from €9.7 million to €.6.6 million.

Siteserv’s UK division, Deborah Services, acquired in February 2008, accounted for 49 per cent of revenue during the six-month period ended October 31st. Revenue declined form €56.2 million to €40 million. In addition, Ebitda slipped from €5.3 million to €2.5 million and operating profit fell from €3 million to €0.6 million.

Meanwhile, the group’s access division, which contributed 7 per cent of turnover, saw revenue fall from €12.2 million to €5.6 million while Ebitda was down from €2.2 million to €0.8 million and operating profit down from €1.8 million to €0.1 million.

“Against a backdrop of significant economic downturn in Ireland and the UK, the group continued to generate profits and cash flow and reduce its overall level of indebtedness,” said Siteserv chief executive Brian Harvey.