Imtech targets £500m revenue by 2019

Aaron Morby 5 years ago
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Independent M&E specialist Imtech has set its sights on returning to £500m turnover by 2019.

Paul Kavanagh, Imtech ceo, says group is now set to become top four player in M&E
Paul Kavanagh, Imtech ceo, says group is now set to become top four player in M&E

The UK and Irish businesses were rescued by a management buy-out in August 2015 following the collapse of Dutch parent Royal Imtech Group.

Since the firm has rebuilt after initially being stripped of cash by administrators of the Dutch parent group and securing the backing of private equity firm Endless.

The turn around of Imtech UK and Ireland has been driven by a string of major project wins mainly at the expanding engineering services division.

The most recent includes a £20m-plus contract for Balfour Beatty’s Madison residential tower in London Docklands with a bigger project set to be signed off in weeks.

Paul Kavanagh, Imtech UK and Ireland chief executive, said: “Our aim is to become a top four performer.

“There are more projects awards in the pipeline and we are confident we can now grow the business to £500m revenue by 2019.

Kavanagh said: “The first seven months since the MBO was about working through the legacy issues from both the fallout from the parent group collapse and underperformance on projects secured during the recession.

“Now the group has returned to profitability with a strong order book and more major contract awards expected for the engineering services business.”

Reporting results for seven months to October 2016, Kavanagh said Imtech revenue had climbed to £192m delivering a £2.6m profit after a £400,000 loss in the previous seven month period following the MBO.

Imtech UK and Ireland
Sept ’15 – Mar ’16 April ’16 – Oct ’16
Revenue £180m £192m
Op profit -£0.4m £2.6m
Cash £12m £19m
Working capital £0.2m debit £6.4m credit
Order book £336m £385m

 

Kavanagh said the group’s four business streams provided a good platform for growth.

As well as the strong growing engineering services division in the UK, Imtech also operates in Ireland through Suir Engineering, focused on the industrial and pharma markets.

The technical maintenance division Inviron turns over around £70m, while the group’s systems integration business Capula achives around £30m annual revenue.

 

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