independent

Tuesday 23 July 2019

Top five Cork building firms turned over €525m in 2018

The Construction Industry Federation (CIF) Top 50 Construction Contractors for 2019 have been announced, with five Cork firms making the list with a combined turnover of €525.1 million.

The combined turnover for Ireland's top 50 construction companies increased by 25% to €8.39 billion last year according to the Top 50 list.

The Cork construction companies ranked as follows:

7th. Dornan Engineering Ltd, Little Island

8th. BMD and Company Ltd, Little Island

9th. Vision Contracting Ltd, Model Farm Rd

10th. MSL Engineering Ltd, Watergrasshill

11th. MMD Construction Cork Ltd, Airport Business Park

The annual listing gives a snapshot of the overall growth in Irish construction as it delivers many largescale projects throughout Ireland and the world, attracting foreign direct investment to Ireland and exporting almost €2.5 billion in construction expertise.

According to Construction magazine's figures, the top 50 Irish contractors reported a combined turnover of €8.39 billion in 2018, with €5.9 billion of this activity taking place in Ireland, and almost €2.5 billion resulting from exported construction services, up more than 54% from €1.62 billion in 2017.

Over the years, the construction industry federation has seen a year on year increase in the turnover for the CIF top 50 contractors. In 2015, total turnover for the CIF top 50 was €4.9 billion, jumping to €6.72 billion in 2017, and €8.39 billion in 2018.

The Irish turnover for CIF's Top 50 has remained high, increasing 15.7% from €5.1 billion in 2017, to €5.9 billion in 2018.

"CIF are delighted to celebrate the success of the CIF Top 50 contractors, who generated a combined turnover of €8.39 billion. To put this in context, the volume of investment in the industry in 2018 was to the value of €26 billion," said CIF Regional Director Conor O'Connell.

"During the recession, construction companies internationalised as the domestic economy collapsed. We are now seeing a huge dividend in terms of export growth. Expanding into foreign markets is a key step to reducing the boom/bust volatility the industry has been a victim in the past."

However, he also said that despite the strong growth in turnover across the industry, margins are still very tight and there isn't sufficient work in the regions to maintain a strong, balanced and sustainable contractor sector in Ireland. "This doesn't augur well for the Government's national development plan or the objective of developing vibrant regions in Project Ireland 2040," said Mr O'Connell.

Corkman

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