LISBURN-based electrical manufacturing specialist Camlin Group has posted reduced revenues for 2021 of £38.1 million with an operating loss of £1.9 million.
But management said that profitability is in line with expectations given the particularly challenging global context.
The Covid pandemic and supply chain disruptions across industry last year impacted financial performance and revenue and continue to pose challenges in 2022.
However, Camlin has steadily proceeded to develop and deploy its product portfolio across the energy and rail sectors and is in line to deliver £60 million revenue for 2022.
Camlin has also built a significant backlog of projects across 2022 for delivery in 2023, to the value of approximately £50m, which underpins a 2023 revenue estimate of £81m.
The foundations for the Group’s revenue estimates are rooted in its five-year strategic focus on supporting its customers in delivering net zero and growing investment in the development of a robust and flexible electricity grid network.
This has been reflected in Camlin’s growth to more than 500 employees worldwide, as well as the recent appointment of a new Americas chief executive Keith Redfearn, who is leading the Group’s growth strategy in the region.
As part of Camlin’s five-year strategy, the company is continuing to look to invest in innovation and state of the art technologies to solve industry wide issues and support the UK in meeting its net-zero emissions target.
Camlin Group chief executive Peter Cunningham said: “While managing the pressures of Covid and global supply chain disruptions, we have remained focused on customers’ evolving needs and working closely with our suppliers to develop a strong backlog of products for delivery in Q4 2022 and beyond.
“As part of this focus, we will be continuing to deploy our plans to invest over £50M in R&D over the coming years to support and facilitate the digitisation and decarbonisation of the electricity and rail industries, including UK energy network optimisation projects to help our customers prepare for the ED2 Regulatory period.”
Camlin has been engineering smart answers to tough problems for around 25 years, primarily from its headquarters in Lisburn but also at European satellite facilities in Bologna, Parma and Krakow, and the group includes research, engineering, manufacturing and customer support facilities in 21 centres across 17 countries.
