Actavo, a company previously known as Siteserv, has reported a significant increase in its core operating profit for 2022, reaching €8.5 million. This impressive growth came after the group sold its hire and sales division in 2021. However, Actavo has also revealed that it is facing a tax demand from Dutch tax authorities.
Operating across Ireland, the UK, Saudi Arabia, and the Caribbean, Actavo provides a range of services including network infrastructure construction, home telecommunications, modular building, and industrial operations. The company has a workforce of approximately 2,000 employees.
In terms of revenue, Actavo experienced a 25% increase in 2022, amounting to €197.5 million. The gross margin remained stable at 17.7%.
Out of this revenue, €105.7 million was generated in Ireland, with the remainder coming from other markets. Actavo also shared that it has recently repaid all of its warehoused tax liabilities, including €900,000 in Irish VAT liabilities and €6 million in payroll tax liabilities.
The company’s CEO, Brian Kelly, expressed satisfaction with Actavo’s strong performance in 2022 and noted that it continues to perform well in the present year. Improvements in contract performance and effective cost management were cited as key factors contributing to the company’s revenue and profit growth.
Actavo’s diverse client base includes prestigious names such as Bord Gáis owner Centrica, LiveNation, the Office of Public Works, and Pfizer.
Looking ahead, Actavo’s directors, which include prominent figures like Mr. O’Brien, Leslie Buckley, and former AIB senior executive Colm Doherty, conveyed optimism about the company’s future growth. They emphasized a commitment to bringing more technological solutions to their business units, including the planned rollout of a new group ERP platform in 2023. This implementation will provide real-time project performance information, enhancing project control and monitoring.
Finally, Actavo intends to vigorously contest the tax claim made by Dutch tax authorities. The claim relates to the financial years 2017, 2018, and 2020 for Siteserv BV. Actavo treats this claim as a contingent liability, and management currently lacks an estimate of the likely claim amount. Nevertheless, the company remains determined to defend the matter fully.
In conclusion, Actavo’s financial results and strategic outlook indicate a positive trajectory for the company, with a focus on innovation, project performance, and continued growth.
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