Security company Phonewatch makes net profit of €10.7m

Security company Phonewatch made a net profit of €10.7 million in 2016, up 38 per cent on the previous year, according to accounts recently filed at the Companies Office.

The directors declared a dividend of €5.5 million, up from €5 million in 2015.

The company, which provides alarm installation, monitoring and maintenance services to homes and businesses, recorded revenue of €40.5 million last year, up almost 8 per cent.

The accounts show that it sold 12,019 new contracts during the year, up 5 per cent on sales in the previous year, while its total monitored customer base grew 2 per cent to 98,379.