"We are actively exploring and monitoring the market in Russia and considering acquisitions of operating private and public apartment building maintenance companies located in the central, western and southern regions of the Russian Federation, with a focus on cities with a population of more than 500,000 people," the company said in its 2011 annual report.
In early 2011, City Service finalized a deal on the acquisition of a group of companies in the city of Stavropol and said then that it was looking at Moscow.
The group said in the report that it had taken first steps to improve the performance of its companies in Stavropol, such as reducing the administrative staff, introducing a standard company structure and setting up a new unit to control and manage debts.
The group's subsidiaries in St. Petersburg last year managed to increase sales of additional services considerably, it said.
The group received the bulk of its revenue in Russia last year. Its revenue in the CIS markets - Russia and Ukraine - fell by 1.5 percent last year, compared with 2010, to 337.395 million litas (EUR 97.8 m), most of which was from Russia. The group employed a total workforce of 3,434, including 1,079 at its companies in the CIS countries. Its consolidated sales revenues edged up by 0.1 percent last year, to 542.404 million litas.
City Service has operations in Lithuania, Latvia, Russia, and Ukraine. The Vilnius-based company is listed on the blue-chip Main List of the OMX NASDAQ Vilnius stock exchange.
