Siteserv PLC

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Sector   CONSTRUCTION & MATERIALS   Mkt.Sector   AMQ2   Mkt.Segment   ASQ2   Turnover   30.67   Profit   3.62   Norm EPS   3.62   PE Ratio   2.07   Market cap   7.15   NMS   -

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Euro10.45 million (before expenses) has been raised on behalf of Siteserv. The
offering was more than four times oversubscribed at the placing price of Euro0.55
per share, indicating a market capitalisation of approximately Euro51 million. Davy
is acting as nominated adviser, IEX adviser and broker to Siteserv.


Siteserv is the holding company for a group operating in the construction
services sector in Ireland. Siteserv has two main operating divisions, Donohue
Scaffolding - a scaffolding company - and Rent-a-Fence - a company providing
temporary fencing and related products and services. The Group had pro-forma
turnover and operating profit before goodwill of Euro39.4 million and Euro6.0 million,
respectively for the year ended 30 April, 2006.


Siteserv was established in late 2004 by Brian Harvey with the support of Niall
McFadden and private investors. Siteserv acquired Rent-a-Fence in November 2004
and Donohue Scaffolding in June 2006.


Donohue Scaffolding, established in 1970, is one of the leading providers and
installers of scaffolding and scaffolding related products in Ireland on a hire,
sale or contract basis. The main customers of Donohue Scaffolding include some
of Ireland's leading building contractors and scaffolding installers. Donohue
Scaffolding had pro-forma turnover and operating profit before goodwill of Euro34.6
million and Euro5.2 million, respectively for the year ended 30 April, 2006.


Rent-a-Fence, established in 1996, is one of the leading providers of temporary
fencing and related products and services to the construction and event
management sectors in Ireland. Its products, which consist of temporary fencing,
pedestrian barriers, road barriers, permanent and temporary steel hoarding and
debris netting are delivered nationwide on either a sale or hire basis. The main
customers of Rent-a-Fence are building contractors, plant hire firms, civil
engineering contractors and event management companies. Rent-a-Fence had
pro-forma turnover and operating profit before goodwill of Euro4.8 million and Euro0.8
million, respectively for the year ended 30 April, 2006.


Siteserv has an experienced management team under the leadership of chief
executive, Brian Harvey and group financial controller and company secretary,
Bernard McGlade. Hugh Cooney, head of corporate finance in BDO Simpson Xavier,
is non-executive Chairman and Martin Cole, director of Boundary Capital, is a
non-executive director.


Commenting on the successful fundraising today, Brian Harvey, Chief Executive
said: "We are delighted with the successful outcome of this offering which marks
the start of the next phase in the development of Siteserv. Siteserv is an
established and profitable business with a growing revenue stream and blue chip
clients. Our objective is to develop into a broadly based site services group
focussed initially on Ireland and ultimately in the UK. The business is expected
to benefit from continued growth in the Irish economy and the growth in the
enforcement of health and safety legislation in Ireland. The flotation will give
us access to the capital markets to support Siteserv's development strategy."



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