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.
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”.
