Construction services group Siteserv, one of the most recent newcomers to the Dublin Stock Exchange, recorded operating profit of €3.18 million in the six months to the end of October, boosted by acquisitions.
Revenue was €16.3 million, up from €2.44 million a year earlier.
During the period, Leinster-based Siteserv, which was admitted to the Dublin and London exchanges in November, has benefited from its June acquisition of Donohue Scaffolding. Prior to this the company consisted solely of the Rent-a-Fence business.
In its interim results released yesterday, Siteserv also gave like-for-like pro-forma figures, which include a contribution from Donohue Scaffolding as if it had been acquired at the beginning of the period.
On this basis, operating profit was up 22 per cent, at €4.2 million, while revenue stood at €22 million, an increase of 14 per cent on the year-earlier period.
Chief executive Brian Harvey welcomed what he called the group's "strong trading performance" and said he was optimistic for the remainder of the year. He said the company would focus on integrating its acquisitions - since the end of the reporting period it has added two more companies, Holgate Fencing, a leading supplier of roadside and acoustic crash barriers, and Easy Access, a provider of scaffolding products - and, where appropriate, seek additional bolt-on acquisitions to complement the existing business.
For now, he said, Siteserv will focus solely on the Irish market with a view to replicating its successes in the UK in the future.
Analysts were also positive, describing the results as "encouraging."
Goodbody analyst Philip O'Sullivan said he was confident Siteserv was on course to meet the full-year sales forecast of €55.3 million and operating profit target of €8.6 million. "In all, this is a satisfactory set of results and we look forward to continued progress over the remainder of the year," he said in a note to investors.
The shares, which have had a very strong run into the results, were up 2.4 per cent in Dublin, at €1.26.
