Siteserv pre-tax profits soar to €14.24m
Published 03/12/2015 | 02:30
Pre-tax profits at the Denis O'Brien-owned Siteserv last year almost doubled to €14.24m, new accounts show.
The group - recently rebranded as Actavo - achieved the 80pc increase in pre-tax profits after revenues soared by 36pc, going up from €239m to €323.6m in the 12 months to the end of December last.
The directors of the group state revenues in 2015 will hit €400m - a 67pc increase on 2013 - while Siteserv employee numbers have grown to 3,367 across more than 50 locations.
Last year was the group's strongest performance since Mr O'Brien's Millington purchased Siteserv for €45.4m in March 2012 and the now-controversial deal saw the State-owned IBRC write off €110m of its €150m debt.
Earlier this year, it emerged Government officials expressed concerns about the deal at the time. The transaction is now one of a number of deals completed by the IBRC that are subject to a Government-appointed commission of investigation.
A Siteserv subsidiary, GMC/Sierra is one of three companies awarded contracts for the installation of water metres by Irish Water and Siteserv's Irish revenues last year increased to €80.67m.
However, the directors' report states 63pc of revenues was derived from sales outside Ireland, with the group recording revenues of €202.9m overseas last year.
The accounts were recently lodged with the Companies Office, but were signed off on March 27 this year - before the political controversy erupted over the sale of the firm.
The directors state Siteserv has won significant new contracts with Digicel, BSkyB, Phillips 66, Electric Ireland, ESB, Glastonbury, the Commonwealth Games, Giro D'Italia, and Cork University Hospital.
The accounts show the group recorded an operating profit last year of €16.69m and interest payments of €2.45m reduced the firm's profits to €14.24m.
The firm paid corporation tax of €1.2m resulting in post-tax profits of €13m. At the end of December last, the group had shareholder funds of €38.83m.
The Siteserv business is led by chief executive Sean Corkery, while Mr O'Brien and chairman of Independent News and Media (INM), Lesley Buckley, also sit on the board.
The aggregate remuneration to the seven directors who served last year totalled €1.5m.