Belfast Telegraph

Resource deal spurs Noonan Services to £8.6m profit

By Gordon Deegan

Earnings at the Noonan Services Group, which bought Northern Ireland outsourcing firm Resource, increased by 9% to €12.2m (£8.6m) last year as revenues topped €200m (£141m).

Group chief executive John O'Donoghue said 2014 had been another "transformational" year, with the acquisition of Resource giving them a leading market position in Northern Ireland.

The takeover of the outsourcing firm contributed to Noonan's revenues outside Ireland increasing almost three-fold from €16.8m to €46.2m (£32.6m).

The Noonan group now employs more than 6,800 people, including around 2,400 who were employed by Resource.

According to the company's latest accounts, revenues increased by 29% to €203.2m (£143.6m) in the 12 months to the end of December 2014.

Mr O'Donoghue that said organic growth of 9% had been driven by a significant increase in new business wins.

He added: "The acquisition of the Resource business in September 2014 accounts for 20% of our revenue growth."

Belfast Telegraph