SUPPORT SERVICES group Siteserv grew revenue by 11 per cent and remained profitable in its 2011 financial year, despite difficult market conditions.

The Dublin- and London-listed company reported revenue of €168.5 million in the year to April 30th, 2011, up from €151.4 million a year earlier.

At an operating level, Siteserv’s profitability was steady at €8.3 million, which was in line with management’s expectations, it said.

However, profit before tax and exceptionals shrank from €700,000 to €100,000.

The group’s outlook is upbeat, with new contract wins and renewals expected to deliver revenues of €80 million over the next three years.

The double-digit revenue jump recorded in 2011 was supported by the UK division, which grew sales by 21 per cent to almost €96 million, while operating profit almost trebled to €4.8 million. Demand for the division’s maintenance services remained strong among its bluechip customer base, it said.

The strength of the UK business helped to offset Siteserv’s two Irish units, which were hit by cuts in Government and local authority spending. Its infrastructure and utilities supports services division delivered revenues of €62.2 million in the year, down slightly from 2010. Operating profits contracted from €11.4 million to €6.7 million as road, infrastructure and civil projects were hit by Government cutbacks.

However, the division is set to benefit from contract wins with BSkyB and UPC.

Its access division remained unprofitable, delivering an operating loss of €600,000, and the outlook for the unit in Ireland remains “difficult”.

The company said its performance in the year to date was ahead of the previous year.