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SIAC reports profits before tax of €5.2 million for 2010

SIAC reports profits before tax of €5.2 million for 2010.

SIAC’s results for 2010 are as follows:

• Turnover of €204 million compared to €282 million in 2009

• Profit before tax of €5.2 million versus €5.0 million previously

• An increase in net assets from €46.5 million to €47.1 million

• Cash in hand of €41.9 million

Commenting on the results Chairman, Ciaran Feighery, said

• The board is pleased with the 2010 results given the difficult economic environment.

• While there has been a large decline in construction in Ireland the group has opened up new markets in Poland, Belgium and Canada. It has also expanded its presence in England and Northern Ireland.

• With the contribution from overseas markets SIAC expects turnover and activity to increase in 2011.

• The group’s civil engineering business is currently working on high profile road and wind projects in Poland. A joint venture with our Polish partner, the PBG Group, is building 36km of the A4 motorway that links Southern Poland to the Ukraine.

• Recently our Civils arm was awarded the N25 Bandon Road/Sarsfield Road contract in Cork. This business will deliver three main waste water treatment plant works by year end. Strategic partnership alliances are also progressing for works in other markets.

• The market conditions for our subcontracting businesses in Ireland continue to be very challenging. However the UK operations have a strong order book for this year. The pipeline of work and prospects for Belgium and Canada are good.