Profits at Ward & Burke jump to €12.4m in 2015
Profits at Galway-based civil engineering firm Ward & Burke jumped almost 9pc to €12.4m last year as it continued to win contracts in Ireland, the UK and Canada.
The firm is one of the most profitable engineering companies in the country.
Revenue last year soared 45pc to €150.4m, with overseas revenue accounting for 73pc of the figure.
Its revenue and profits have recorded significant increases in the past few years. In 2013, revenue was just €76.5m, while pre-tax profits that year were €4.7m.
Owned equally by Padraig Burke, Robert Ward and Michael Ward, the company saw its revenue in Ireland rise 30pc last year, and by 34.4pc in the UK. In Canada, its turnover climbed 60.2pc in 2015, according to figures seen by the Irish Independent.
The company, which employs close to 300 people, was founded in 2001 and entered the Canadian market in 2010, concentrating on micro-tunnelling services for utility firms. The Canadian market is thought to account for about a third of its turnover.
It recently completed a major micro-tunnelling project in Toronto.
The C$12.3m (€8.3m) contract involved the construction of a micro-tunnel that was part of a wider sewer replacement project.
John Grennan, who's a director of the group's micro-tunnelling business, told an industry publication recently that the sector is strong in Canada at the moment.
"The market is driven by clients and consultants who are open to new technology," he said.
The company also recently completed a project in Calgary, which involved the relocation of a sewer due to the construction of a new ring road.
In the UK and Ireland, Ward & Burke has worked on a number of water utility projects.
Last year, it was awarded a €4.5m contract by Irish Water and Clare County Council to replace about 17km of water mains in Ennis and surrounding areas. It also won a contract to replace water pipes in an around Ballinasloe, Co Galway.
A spokesman for the company said that while market conditions continue to be challenging, it remains optimistic for 2016, and will continue to reinvest profits in the business. The company also supports engineering graduates at the National University of Galway, MIT in Boston, Oxford University, and Toronto University.