The growth in turnover at the family-owned company was driven by Coffey’s business in Ireland, which rose by 20pc in 2023 to €104.2m.
However its UK turnover grew at an even more significant rate, up 36pc to over €10.2m.
‘These results demonstrate the resilience of our business strategy’
Odran Madden, managing director of Coffey, said the company’s financial performance had been exceptional.
It also recorded growth in Coftec, its modular water and wastewater treatment solutions business.
“These stellar results demonstrate the resilience of our business strategy and our ability to capitalise on emerging opportunities,” he said.
“As we look ahead, we will continue investing in our capabilities to drive sustainable growth while creating value for our customers, communities and stakeholders.
“We are also excited about the continued development and market expansion of Coftec’s modular solution, which will further enhance our ability to meet the evolving needs of our clients in the water and wastewater treatment sector.”
One of Coffey Group’s subsidiaries, Coffey Construction (I) Limited, also recently published its results on the Companies Registration Office.
This part of the group’s activities includes civil engineering, mechanical, electrical, and building contracting.
Coffey Construction (I) recorded a turnover of €92.7m in 2023, up from €72.9m the previous year. Its profit before tax was over €2.7m, up from €920,600.
The extent of opportunities is significantly influenced by capital expenditure budgets
The subsidiary also paid an interim dividend to its parent company amounting to €2m. This was down from the previous year’s dividend of €7m.
Shareholders in the parent company include Simon, Mark and Gareth Coffey.
The directors’ report for Coffey Construction (I) said market conditions in the water and civil engineering sector remain challenging, as the extent of opportunities available is significantly influenced by capital expenditure budgets.
It added that the availability of specific resources for the sector is also a challenge.
The directors said they mitigate the risk by diverting resources to Coffey’s other sectors and geographies as necessary. It also maintains capability across different areas.
Founded in 1974, Coffey is a water infrastructure and civil engineering specialist with operations in Ireland and the UK.
It offers engineering design, construction, and programme management services, providing solutions for water, civil engineering, and transportation infrastructure projects.
