Anticipating another successful year, Davenham Holdings expects strong performance in the current financial year with its diverse range of electrical distribution and control solutions catering to clients in multiple sectors, such as pharmaceuticals, mining, and data centers, since its establishment in 1982.
Throughout the years, Davenham has served prominent customers, including Intel, Boston Scientific, Cadbury’s (owned by Mondelez), and Schering Plough.
The company’s managing director, John Corcoran, who is the sole owner, operates the business with the assistance of his wife and adult children as directors. Corcoran revealed that he and others from Northern Ireland initiated the business in 1982 due to a lack of employment opportunities during a downturn in the Irish economy, describing it as a valuable learning experience on the intricacies of running a successful business.
Newly-filed accounts for Davenham Holdings reveal a substantial increase in turnover, reaching €78.5m in the twelve months ending October, compared to €52m in the previous year. Moreover, the company’s operating profits have more than tripled during the same period.
According to the accounts, “The group reported another strong year, as its financial performance and position strengthened from the prior year.” The company has made significant investments in human resources and property resources to meet customer demands, indicating expectations of robust trading in the upcoming year.
In terms of revenue breakdown, Ireland accounted for €59.5m, while the rest of Europe contributed €39m. The rest of the world generated revenue amounting to €12.9m. It is worth noting that the percentage of revenue generated in Ireland decreased from 70% in 2020 to 53% in the previous year.
Furthermore, the holding firm paid a dividend of nearly €1.4m to its shareholder in the last year, a significant increase from the €150,000 paid in 2021.
Davenham currently employs approximately 230 individuals. This includes 16 individuals in design and engineering roles, along with 210 individuals in production and operations as of the end of the previous financial year.
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