Netwatch Group records revenues of €35.1m in first 10 months of business

Newly merged security specialist sees pre-tax loss of €10.16m due to legal and other fees

Netwatch Group is made up of  Carlow-based Netwatch  with California-based National Monitoring Centre, CalAtlantic,  Texas and  UK-based Onwatch Multifire.
Netwatch Group is made up of Carlow-based Netwatch with California-based National Monitoring Centre, CalAtlantic, Texas and UK-based Onwatch Multifire.

The recently merged Netwatch Group recorded revenues of €35.1 million in its first 10 months in business in 2018, new accounts show.

However, legal and professional fees totalling €7.26 million arising from the merger of four businesses making up the new Netwatch Group from the UK, the US and the Republic contributed to the business recording a pre-tax loss of €10.16 million in 2018.

The Netwatch Group is made up of the Carlow-founded Netwatch along with the California-based National Monitoring Centre, CalAtlantic in Texas and the Sussex-based Onwatch Multifire. The deal was funded by private equity firm Riverside which is the largest shareholder in the new group.

The group – which provides visual surveillance and electronic security systems – now employs more than 500 staff with offices in Carlow, Newry, Cambridge, London, Houston, Dallas, Boston and California.

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The directors state that “the group had a strong year in their first period operating” and the US market led the way with revenues of €22.2 million with the Irish market generating €6.7 million while the UK market generated €6.2 million.

The directors for holding company, Project Olive Holdings Ltd state that “management are forecasting significant increase in new business in the short term over 2018 levels”.

Gordon Deegan

Gordon Deegan

Gordon Deegan is a contributor to The Irish Times