Saturday 24 February 2018

Even out the risks with currency

Michael Cogley

Michael Cogley

E&I Engineering in Burnfoot,

Co Donegal employs 490 people and is the largest switchgear manufacturer in the UK and Ireland. Cathal McLoughlin, technical director, said business has been "reasonably steady" for the last year.

"We're in a kind of strange situation, most of our customers would be UK customers. What we try and do is make most of our supplier base sterling so that evens out the risk in that we're almost buying our materials in sterling and invoicing in sterling. It gives you that certainty in that you're not worried about the exchange rates.

"We would do a lot of work in Europe but it tends to be through UK-based contractors and again it keeps everything in that sterling rate.

"Ours is a very personal tale. We've come from a small business background and because of that it has made us self-reliant. We draw really on people locally. We were based in Derry initially, about four of five miles from where we are now located.

"We moved here about 10 years ago just to build a greenfield site of sufficient size.

"We're optimistic, certainly for our own business, we expect growth right into the third quarter of next year.

"Certainly for us we see an upside to the whole thing."

Irish Independent

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