SIAC earnings rise 11% on major State and private projects

SIAC Construction's involvement in major public and private building projects helped boost profits at the civil engineering group by 11 per cent to €4.5 million last year.

A contribution from joint ventures and savings generated by its exit from a loss-making UK contracting business also helped the group's performance.

The privately owned firm published results yesterday showing that turnover from continuing operations grew to €163.4 million in 2004 from €160.1 million the previous year.

Total turnover in 2003 was €178.25 million.

During the year it decided to drop a UK civil engineering business, which the accounts show lost €6.1 million in 2003.

Operating profit for 2004 was €5.85 million, a slight fall on the €6.2 million it recorded under the same heading in 2003.

The 2003 figure included the €6.1 million loss that it incurred in the UK, indicating that total operating profits for its continuing operations in 2003 were €12.3 million.

But the figures show that the group made a €20 million saving on its cost of sales last year.

This was largely attributable to its exit from the UK contracting business, which had a total cost bill of €23 million in 2003.

Also, its four joint ventures, which include its road building Westroute JV business, added €2.4 million to gross profits last year, compared with a loss of €7,000 in 2003.

SIAC's pretax profit in 2004 was €4.5 million, up 11 per cent on the €4.05 million it reported in 2003.

The 2003 figure included all operations both its existing and discontinued operations.

Net assets grew 9 per cent to €34 million. The group paid total dividends of €1 million.

The beneficiaries of this included four members of the Feighery family, Ciaran, Denis, Margaret and Paul, who held just under 10 per cent of the company each, and managing director, Finn Lyden, who held around 5 per cent.

The group's 10 directors, including the Feighery family and Mr Lyden, shared total pay, fees and benefits of €1.5 million, compared with €1.25 million in 2003.

The company has a remuneration committee chaired by independent director, Michael Jacob.

SIAC is involved in a number of high profile projects, including the Kilcock/Kinnegad bypass in the midlands.

It is working on this with its Spanish partner, Ferrovial.

Mr Lyden said yesterday that this construction project would be completed by December, ahead of schedule.