16 May 2019 | 07.45 am
Crest Solutions Aims For €150m Turnover
Engineering services firm announces 80 new jobs
16 May 2019 | 07.45 am
Cork engineering services firm Crest Solutions plans to double its staff to over 300 by end 2021 and grow revenue to €150 million over a five-year period.
The strategy was announced as business minister Heather Humphreys officially opened the company’s Customer Innovation Centre at the company headquarters in Little Island.
Crest Solutions provides engineering services and solutions to multinational pharma and medical devices clients in Ireland, UK, Europe and the US.
Employment has grown from 20 people in 2011 to over 135 and the firm says it is on track to hire an additional 80 engineers, project managers, analysts and technicians by year end.
Crest Solutions was founded in 1998 and has offices in Cork, Westport and Corby. A joint venture with Vistalink NV in 2012 services the Benelux and Scandinavian regions.
The company says annual turnover is c. €40m and an increasing proportion is recurring revenue through the Managed Services offerings that complement its Engineering Projects core specialisms in machine vision and pharmaceutical serialisation.
Clients include J&J, Allergan, Baxter Healthcare, MSD-Merck, BD, and Abbott Diabetes Care.
Heather Humphreys commented: “The company has seen phenomenal growth over the last number of years through its partnerships with multinationals and, without a doubt, they serve as an example for other home-grown businesses to follow.
“Innovation has been central to their success, and I am very pleased that Enterprise Ireland, has been able to support them with various training and R&D initiatives.”
CEO Frank Madden said: “As multinationals build global teams to assess and implement emerging Industry 4.0 technologies, they are contracting Crest Solutions to partner with them to build scalable solutions for their sites internationally. These include innovations in Virtualisation, Virtual Reality, Augmented Reality and Cobot applications
“We emphasise how important Enterprise Ireland and its Global Sourcing initiatives have been to connect us with multinationals in Ireland. By serving the multinational Life Sciences companies attracted to Ireland by the IDA and introduced to us by Enterprise Ireland, these clients have introduced us to major global opportunities in their sites in export markets around the world.”
Crest Solutions Ltd booked a net profit of €560,000 in 2017 after accounting for €360,000 in depreciation and amortisation charges. Total liabilities at year-end were €5.4m and net worth was €2.6m.
Pix: David Keane