Profits at listed property management and services group Veris rose 12 per cent in the six months to the end of June, boosted by contract wins and contributions from new divisions acquired last year.
Pretax profit increased to €2.14 million, from €1.91 million, while revenue was up 65 per cent, at €31 million. During the period the group integrated three acquisitions, including the moving and storage group Beverly Smyth, and the Glenyre and Premier property companies.
Veris said all parts of its business performed well in the period, with a particularly strong showing from the facilities management division. The newly formed moving and storage division also performed in line with expectations and is expected to do even better in the second half.
The company also said it continues to seek acquisition opportunities, despite two failed takeover attempts during the period, and is currently looking at a number of acquisitions in Ireland and the UK. Its main focus will remain property and facilities management.
Philip O'Sullivan, an analyst at Goodbody, described the figures as a "solid set of results, which show the company continues to grow its presence in the nascent property services market in Ireland." He would, for the time being, keep his full-year earnings per share forecast at 22 cent.
