Profits at Veris grow almost 80 per cent to €2.7 million

Profits at listed property management and services group Veris grew almost 80 per cent to €2.7 million last year.

The group reported yesterday that turnover grew 62.4 per cent in 2006 to €48 million from €29.6 million the previous year.

Operating profits increased by 74.2 per cent last year to €3.6 million from €2.1 million in 2005.

Pre-tax profits grew 77 per cent to €2.7 million from €1.5 million during the same period.

Basic earnings per share (EPS) increased by 83 per cent in 2006 to 7.7 cent from 4.2 cent the previous year. Over the same period, adjusted EPS increased by 27.4 per cent in 2006 to 18.6 cent from 14.6 cent.

Veris, formerly known as Irish Estates, generated cash flow from operating activities of €9.1 million. Acquisition and financing costs ran to €19.3 million, and the group finished the year with net debts of €22 million.

During the year it bought a number of companies for a total of €22 million. These included Premier Property Management and Glenrye Property Services.

While it changed its name from Irish Estates in 2006, part of its operations still trade under this brand. The group's businesses provide a range of services to property owners and tenants in both the business and residential markets. These include rent collection, lease management, maintenance, cleaning, tenant liaison and other services. Last year was the group's first full calendar year as a listed company.

Commenting on the results yesterday, chief executive Ross Ivers said Veris was the clear market leader in its business in this country. "We have successfully implemented our twin strategy of organic growth and carefully-targeted acquisitions, allowing us to execute our stated objective of becoming an integrated property services group."