Irish engineering group back in profit despite tough market conditions
Cork-based engineering group Kentech returned to profit in 2015 to record pre-tax profits of $11.28m (€10.64m).
New accounts filed by the Kentech Group showed that the business returned to profit after revenues increased by 5pc, going from $151.48m to $159m in the 12 months to the end of December 2015.
The $11.28m profit followed a pre-tax loss of $2m in 2014 and the directors said that the business recorded "a very successful year" in 2015.
The directors said that the business in 2015 "recorded a strong return to profitability", achieving earnings of $12.53m.
The group operates in Australia, Kazakhstan, Kuwait, Mexico, Qatar, Russia, the Netherlands and the UAE.
Numbers employed by the group in 2015 increased from 2,705 to 2,926 as staff costs increased to $95.18m.
The strong year enjoyed by the business resulted in the directors, Sarah Kent, John Kent, John Gilley and Matthew Seale increasing their own pay.
Directors' pay increased by 27pc, going from $1.8m to $2.3m.
The group confirmed that it received fresh funding of $32m from a London-based investor, Blue Water Energy, during the year.
The directors said that the strategic funding provided the group with the necessary capital to deliver on its growth plans over the coming years.
The directors also said that despite very challenging market conditions, Kentech's backlog had increased notably and currently stood at record levels.
The directors said that they expected further growth in 2016 and was expected to be in excess of 20pc following the addition of a new Dutch operation which resulted in securing hundreds of jobs, as well as ensuring continuity of safe operations on Europe's largest refinery site.