Northern Ireland critical infrastructure specialist Camlin Group is on-track for long-term profitability after reporting strong financial results.
The Lisburn-based company posted an increased turnover of £77.4million in 2023. This represents nearly £20million in growth from the previous financial year, which in turn follows a 50% revenue increase in the year to 2022.
Camlin said its focus on sustainable growth had led to a much-reduced operating loss of £100,000, compared to £2m in 2022.
Growth was supported by increased revenues from Kelvatek – Camlin's UK energy business – from £29.9m to £51.4m, driven by the rollout of its PRESense electricity network monitor and LineSIGHT monitoring and fault management system.
Camlin has a project backlog of more than £50m for the FY24 financial year. As a result, it expects to record revenues of about £90m with significant profitability growth this year.
The company said a major reason for this projected growth, and what underpins future numbers, is the recent, successful launch of Sapient, which comprises a suite of software to provide energy operators with insights into their network's health and future capacity.
Peter Cunningham, chief executive of Camlin Group, said: "After several years in which the infrastructure and energy sector have had to contend with considerable global disruption from high inflation, international supply chain issues, political uncertainty, and the aftermath of the Covid-19 pandemic, today's figures demonstrate the resilience both of Camlin Group and the industries in which we operate. We are confident now that this drive towards sustainable growth will lead us into long-term profitability.
"Our launch of Sapient to the North American Market earlier this year and into the European Market in August will be the bedrock in the development of our relationships with our customers there and will be the foundation of multi-year strategic deals with them.
"Furthermore, as the UK recommits to the clean energy transition, Camlin are able to support the critical upgrades to our grid infrastructure required to expand our renewables capacity, alongside our work optimising other critical infrastructure such as rail."
Camlin has research, engineering, manufacturing and customer support facilities in 21 centres across 17 countries. It employs about 600 people with its headquarters in Lisburn, Northern Ireland.
