Profits rise 128pc to €11.56m at Noonan Group

PRE-TAX profits at the Noonan Services Group increased by 128pc to €11.56m last year.

Newly filed accounts for the 18-month period to the end of June last show that revenues at the Noonan Services Group Ltd increased by 48pc to €290m compared to €195m for the prior 12-month period.

On a like-for-like 12-month basis revenues dipped marginally. The largest proportion of revenues came from cleaning and facility services – €157.2m or 54pc of income. The second largest contributor was ‘man-guarding services’, with 26pc (€77.34m). Revenues from building maintenance services totalled €35.9m.

South African conglomerate Bidvest agreed to purchase the Dublin contract cleaning and facilities management business in a €175m deal in 2017. The accounts show that the new owners started to claw back some of their investment with the firm paying a dividend of €3.38m in November 2018.

The business recorded a 47pc rise in operating profits to €15m in the 18 months to the end of June last and finance costs of €3.4m reduced the group’s profits. The business recorded post- tax profits of €10.36m after paying corporation tax of €1.2m. At the end of June last, shareholder funds totalled €117.57m, including accumulated profits of €22.8m.

The cash pile more than doubled from €5.3m to €12.9m.

The profit for the 18 months take account of non-cash depreciation costs of €3.4m.

Seven directors served during the period and directors’ remuneration totalled €1.528m. Numbers employed during the year decreased from 7,313 to 7,065.