Construction services company Siteserv has posted pre-tax profits of €5.3 million for the year ended on April 30th, 2007, compared to €600,000 for the previous year.

Revenues at the firm, which floated on London's Alternative Investment Market (AIM) and the Irish IEX market last November, totalled €44.9 million for the year, up from €3.5 million posted in 2006.

However, the 2006 comparative figures are in respect of the nine months ended April 30th, 2006.

Net debt at the end of the financial year stood at €44.2 million.

The results include the three acquisitions it made in 2006 - Donohue Scaffolding Ltd, Holgate Fencing (Ireland) and Easy Access Ltd - for a combined value of €54.9 million.

Siteserv chairman Hugh Cooney described the financial performance as satisfactory.

"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.

"While the operating environment in the residential sector is expected to remain challenging, the board are confident that its exposure to this sector is being well managed through the diversity of its customer base, the range of its activities, the national spread of its operations and, in particular, the strength and experience of its management team."

Siteserv said it had significantly increased its presence in the non-residential sector through its recent acquisitions, particularly Holgate Fencing and Easy Access.

Holgate Fencing is Ireland's largest installer of motorway crash and environmental noise barriers, while about 65 per cent of Easy Access's revenues are generated in non-residential sectors.

Government investment in infrastructure under the National Development Plan and Transport 21 would underpin growth within the non-residential sector, said Mr Cooney.

Goodbody analyst Philip O'Sullivan described the results as satisfactory, and said non-residential business should provide growth opportunities for the business.

"We see the prospects for this area as positive, with a large Government investment programme in infrastructure and buoyant private sector non-residential demand in particular likely to create ample opportunities for Siteserv to help compensate for the weakness in the residential area," he said.

Shares in Siteserv gained 3 cent in Dublin, closing at 80 cent.