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SIAC Announces 2005 Results

SIAC Construction Limited, Ireland’s leading integrated Civil Engineering and Building Services group today announced its results for the year to 31 December 2005.

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

Highlights

  • Turnover increased by 46% to €239 million.
  • Profit after taxation increased by 46% to €6.2 million.
  • Net assets increased by 19% to €36 million.

Finn Lyden, Group Managing Director, said that the results for the year included key achievements in its Civil Engineering and Building Services activities.

He said that the first Irish PPP toll road, the 35km M4/M6 Kilcock to Kinnegad motorway which was built through a joint venture contract with Spanish partners, Grupo Ferrovial, S.A., opened in December 2005, almost one year ahead of schedule. SIAC owns 34% of this toll road operation. He also announced that the partnership with Grupo Ferrovial S.A. has been selected by the National Roads Authority as the preferred bidder for the 50km M3 Clonee to Kells PPP motorway - the largest single motorway construction project ever undertaken in Ireland.

Referring to the group’s Building Services activities in Ireland, Mr Lyden said that several large construction projects were completed during the year. These included the roofing and cladding and steel erection projects for Intel Ireland at Leixlip and the steel erection project for the Newbridge Shopping Centre. He said that real competitive advantage was created through providing a fully integrated steel framework and building envelope solution that eliminates logistic and trade interface problems on site.

He also stated that SIAC had recently acquired Bison Structures Limited, the steel division of the United Kingdom based Bison Group. He added that Bison Structures Limited, which has a strong reputation in the United Kingdom for the design, fabrication and installation of steel structures, employs 80 people and has a turnover in excess of Stg£12 million. As the Group specialises in glazing solutions, façades, roofing and cladding in the United Kingdom, the acquisition of Bison Structures Limited will position SIAC as the only specialist contractor which can offer an integrated steel framework and envelope solution for large-scale project developments from one source. The synergies between our existing United Kingdom businesses and Bison Structures now positions SIAC as the only specialist contractor that can truly deliver a complete building envelope solution in that country, according to Mr Lyden.

Referring to the Group’s roofing, cladding and architectural aluminium divisions in the United Kingdom, Mr Lyden stated that SIAC had completed a number of façade contracts in the Private Finance Initiative Hospital sector. Examples of these include New Walsgrave Hospital in Coventry and the Princess Margaret Hospital in Swindon. These projects incorporated the Group’s bespoke in-house designed unitised cladding system 'StructurClad'.

Commenting on the results, Ciaran Feighery, Chairman, said: “Significant growth was seen across many of our business units with profits in line with expectations. During the year we completed the structural steel and roofing and cladding work at Intel’s Fab 24 facility in Leixlip. In 2005 the Group increased its stake in Eurolink Motorway Operation Limited, the operator of the 35km M4/M6 toll road, to 34%. We will continue to pursue profitable investment opportunities which will, over time, enhance earnings and the value of the Group.”

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For reference:

Finn Lyden, Group Managing Director
Terry Ryan, Group Finance Director
SIAC Construction Limited
Dolcain House
Monastery Road
Clondalkin
Dublin 22
Telephone: (01) 403 3111
Website: www.siac.ie