Utility and construction support group Siteserv has this morning 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 generated savings of €4.4 million.
The group is divided into three divisions. Its infrastructure and utility support service division which includes Sierra Support Services and RoanKabin, accounted for 44 per cent of revenue during the six-month period under review. Revenue at the division totalled €35.7 million as against €60million a year earlier while earnings before interest, tax, depreciation and amortisation (Ebidta) declined from €10.9 million to €8 million and operating profit from €9.7 million to €6.6 million.
Siteserv's UK division, Deborah Services, which was 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.
"The focus over the coming year will continue to be on cash generation, whilst developing new business opportunities in existing sectors and diversifying further into new markets," he added.
