Veris plc, an acquisitive property management firm based in Ireland, has almost doubled its profits after buying three companies in 2006. 

For the year to December 31, 2006, Veris made a profit after tax of euro2.7 million (£2.3 million), compared with euro1.5 million the previous year. Moreover, the company’s turnover has increased to euro48 million in 2006, from euro29.6 million in 2005.

Veris acquired moving and storage group Beverly Smyth in July and property firms Glenrye Properties Services and Premier Property Management in December for an initial euro22 million. It has also experienced strong organic growth across the business.

The company is now eyeing further acquisitions. Chairman Niall McFadden said: “Our strategy of combined organic and acquisition based-growth in property services will continue. We are actively seeking further acquisitions in the property and facilities management sectors as well as the related facilities services and property related consulting sectors.”

Dublin-based Veris changed its name from Irish Estates plc in 2006 after joining AIM in September 2005.