LotusWorks hits Milestone of €100M Turnover
11th December 2023
Global trading, Irish-owned company LotusWorks has announced significant growth as its annual results show it has more than doubled its turnover since a Management Buy Out (MBO) of the LotusWorks business five years ago by the company’s senior executives James Casey, Gerard Sproule and Emer Conroy. All are still running LotusWorks as Executive Directors, supported by a robust experienced management team.
“We are going through an extremely exciting growth phase at LotusWorks and this is all down to our high-performing team”, acknowledges Emer Conroy, Executive Director of LotusWorks.
“We are definitely powered by our team’s experience. They are the driving force behind this significant growth in buoyant market conditions.
Our employee numbers have almost doubled since the company was involved in a Management Buy Out in 2018 and we now have 648 people at LotusWorks. Our high levels of retention is something that we are very proud of. We are now growing that team further with 100 new roles coming on stream globally over the next 18 months, which will allow for career advancement and personal growth for both our existing and our new team members,” Emer adds.
The technical and engineering company is projecting €106m turnover in its current financial year (ending February 29, 2024). Surpassing €100m in global revenues is huge growth since the MBO in 2018, when turnover stood at €45m. The company’s turnover for last year (ending February 28, 2023) was just under €98m and was significantly up on the previous year which stood at just under €73m for year ending February 2022.
“In 2018, when we took over the business, we created a comprehensive growth plan with our ambitious, talented management team who are growth-focused. In our highly competitive market, we are proud of our long-standing client relationships, our high levels of talent retention and the company’s growth is definitely powered by our team’s experience. AIB backed us and believed in us from the outset and we continue to have a strong relationship with the bank as we continue to implement change and operational improvements,” says LotusWorks Director Gerard Sproule.
He continues: “We are using this growth period to restructure internally, including improved governance, a focus on operational excellence, leadership training and increasing our structures on our client sites. Nothing is changing in terms of our core services but we are reinvesting in the health of the company to make operations more streamlined and to make us faster and fitter and able to support the aggressive growth so we can keep pace with the ever-changing needs of our world-leading clients.”
LotusWorks, which was established in 1989, is one of Ireland’s largest and longest-established engineering services outsourcing companies and specialises in managing scopes of work within global manufacturing facilities. It has operations in Ireland and the US, partnering with the world’s leading manufacturers across the semiconductor, pharmaceutical, medical device and data centre sectors.
One of the main reasons for the company’s growth has been an increased demand globally for chip manufacturing. LotusWorks works with many of the major players in the semi-conductor sector as a strategic partner to commission FAB facilities that produce chips. However, growth has also been as a result of the continued expansion of other sectors including pharmaceutical.
“In the past six months, we have bid and won some exciting new work in the semiconductor and Biologics sectors,” says Emer.
“This opens up a wealth of excellent career opportunities for professionals in the engineering and technical fields and operations management.
This growth spurt not only provides a platform for individuals to excel in their careers but also offers a chance to shape the future of semiconductor and biologics manufacturing. With the ever-increasing demand for these products, the opportunities for career advancement and personal growth at LotusWorks are limitless. For those with a passion for engineering and manufacturing operations with a desire to make a meaningful impact, LotusWorks is the place to be,” Emer concludes.
Pictured (l-r): LotusWorks Directors James Casey, Gerard Sproule and Emer Conroy