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SIAC reports profits before tax of €5.0 million for 2009

SIAC’s results for 2009 are as follows:

·        Turnover of €282 million compared to €414 million in 2008.

·        Profits before tax of €5.0 million versus €8.4 million previously.

·        An increase in net assets from €45.1 million to €46.5 million.

·        Cash in hand of €36.6 million.

Commenting on the results, Group CEO Finn Lyden said that “the board is very pleased with the performance of the business for 2009 given the economic downturn.  While turnover fell the profit of €5.0 million was a good result. In all of SIAC’s businesses we have adjusted our business model and cost base to reflect the changes in the market place.  This has been done without compromising our ability to deliver high quality and value added solutions for our clients”.