Mercury, one of the biggest mechanical and electrical contractors in the State, said it is positioned for growth after a year of intense operational change in which it began restructuring its eight business units and committed to a significant capital investment in a new off-site manufacturing facility in Germany.
The company – which works with a host of blue-chip clients to deliver data centres, semiconductor and life sciences facilities across Europe – increased its operating profits by more than 19 per cent last year to €72.9 million, accounts recently filed with the Companies Registration Office reveal.
Group revenue topped €1.5 billion in 2023, down 6.4 per cent on the previous year, more than €500 million of which was generated in the Republic and the UK.
In a report attached to the accounts, the directors of the company said they prioritise bottom line growth over revenue expansion, adopting a “selective” approach to the work it takes on with a focus on “controlled growth”.
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After several years of rapid growth, Mercury chairman Eoin Vaughan said 2023 was a year to “reflect and listen to its clients and employees to invest and refine our operating structure.”
The group completed its five-year strategy last year and embarked upon an organisational restructuring of its eight divisions, the directors said in the report. Mercury appointed former managing director Frank Quirk as chief operations officer to spearhead the process.
Mercury recently announced a €25 million investment in a new engineering and off-site manufacturing facility near Magdeburg in Germany.
“This should position the group to grow and expand our semiconductor and life sciences operations which is becoming an increasingly important industry,” said chief financial officer Ronan Lynch.
Looking ahead, Mr Lynch said the group sees strong demand for services across its business divisions. Mercury has a “strong order book” for 2024, he said, with 88 per cent of forecasted revenue for the year secured by the end of 2023.
He said the group expects strong demand for services in the fast-growing data centres sector, “which aligns with our business model for a high quality order book and good visibility”.
Mercury is one the Republic’s largest mechanical and electrical contractors. It builds and manages complex engineering and construction projects for the world’s leading corporations. CRH chief executive Albert Manifold joined the board of the group last year.
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