Athenry maker C&F Group has increased its export sales after investing €21 million in 2021 – and expects revenue to grow by at least 20 percent this year.
Founded by former EY Entrepreneur of the Year John Flaherty, the company supplies sheet metal and heavy engineering equipment to companies active in a variety of industries.
These include construction, aggregates production, waste management, materials handling and manufacturers of heat pumps and air-to-water systems.
According to the company’s just-filed financial statements, revenue for 2021 increased slightly to €51.2 million from €48.9 million in 2020.
The company’s staff costs rose 8%, taking pre-tax profit down to €7.4 million last year, compared to €10.1 million in 2020.
“We have modernized our factories so we can compete on heavier engineering projects and expand our customer and production base. About three-quarters of the capital investment has been made in Galway – in a paint shop, automation and robotics, and laser cutting equipment – to make this possible,” said Flaherty.
The company employs around 570 people, around half of them in its Galway operations.
“23 million euros of our turnover in 2021 went to export. In particular, we aim to reduce our dependence on the Irish market, which accounted for just over half of last year’s revenues. We aim to increase exports to over 50 percent of total revenue,” he added.
“Despite the consequences of Brexit, sales in the UK market have so far tripled to €7 million in 2022 – and they have the potential to grow significantly in the coming years.”
The company has rebounded from a €28 million loss at a wind turbine maker in 2019 that focused on export sales to Japan and the US.
“We’re still conducting research and development on climate and energy technologies and improving the carbon footprint of all our operations,” Flaherty said.
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