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Cathaleen's Falls Bridge, Ballyshannon-Bundoran

Press Release from SIAC Construction Ltd

SIAC Construction Limited, one of Ireland’s leading Civil Engineering and Building companies, today announced its results for the year to 31 December 2006.

Results for the year reflected considerable progress on its major Civil Engineering contracts and solid performance in all of its Ancillary activities.


Highlights

• Turnover increased by 15% to €276 million in 2006.
• Operating profit increased to €14.9 million from €8.8 million in 2005.
• Profit after taxation increased to €11.3 million from €6.2 million in 2005.

Commenting on the results Chairman, Finn Lyden, said:

“Significant growth was seen during 2006 and both turnover and operating profits reflect this trend which was in line with our expectations.

Apart from securing the M3 Clonee Kells Motorway project in joint venture with Ferrovial Agroman and commencing Phase 1 of the M50 Upgrade Scheme, significant progress was made during 2006 on the construction of the 14.3 km A1/N1 cross-border dual-carriageway linking Newry and Dundalk. This was a major cross-border project between Louth County Council, The Department of Regional Development for Northern Ireland Road Service and The National Roads Authority (NRA). The road was officially opened on 2 August 2007.

Another significant development was the completion of the N15 Ballyshannon/Bundoran bypass which was opened in April 2006. This project incorporates the award-winning Cathaleen Falls Bridge over the River Erne. The landmark bridge has a unique two-tier structure with the lower tier providing a pedestrian crossing while the upper tier carries vehicular traffic.

Managing Director, Hank Fogarty, said:

“The Company had a number of significant achievements this year which included both major motorway contracts and high quality urban regeneration projects, such as Dublin’s O’Connell Street.

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Announced 24th October, 2007

For reference: Finn Lyden, Chairman, SIAC Construction Limited,
Dolcain House,
Monastery Road,
Clondalkin, Dublin 22
Telephone: (01) 403 3111 Website: www.siac.ie

Notes for editors: about SIAC Construction Limited SIAC Construction is a large multi-disciplined construction group with significant operations across Ireland and the United Kingdom. SIAC provides turnkey solutions to the Civil Engineering and Building industries and has extensive Commercial Development and other investment interests. SIAC offers an integrated steel framework and envelope solution for large scale projects through its steel fabrication and erection operation, SIAC Butlers Steel Limited, and through its Roofing and Cladding and Architectural Aluminium operations in Ireland and the UK. In addition to major road and infrastructure projects SIAC’s Civil Engineering division provides project management, design and construction services in the urban renewal, water treatment, energy and communications sectors. www.siac.ie