LotusWorks hits milestone of €100m turnover; creating 100 new positions globally in next 18 months

Global trading, Irish-owned company LotusWorks has announced significant growth as its annual results show it has more than doubled its turnover since a Management Buy Out (MBO) of the LotusWorks business five years ago.

The technical and engineering company is projecting €106m turnover in its current financial year (ending February 29, 2024). Surpassing €100m in global revenues is huge growth since the MBO in 2018, when turnover stood at €45m.

The company’s turnover for last year (ending February 28, 2023) was just under €98m and was significantly up on the previous year which stood at just under €73m for year ending February 2022.

The company will add 100 new jobs globally over the next 18 months and has credited its current high-performing team as being the driving force behind this significant growth in buoyant market conditions.

Employee numbers at LotusWorks have also almost doubled since 2018 with 648 people now working for the company, which is headquartered in Sligo. This is up from 355 in 2018.

Some of the 100 new roles it will be hiring for globally over the next 18 months are in the following areas: engineering, operations management, finance, and data analytics.

LotusWorks, which was established in 1989, is one of Ireland’s largest and longest-established engineering services outsourcing companies and specialises in managing scopes of work within global manufacturing facilities.

It has operations in Ireland and the US, partnering with the world’s leading manufacturers across the semiconductor, pharmaceutical, medical device and data centre sectors.

One of the main reasons for the company’s growth has been an increased demand globally for chip manufacturing. LotusWorks works with many of the major players in the semi-conductor sector as a strategic partner to commission FAB facilities that produce chips. However, growth has also been as a result of the continued expansion of other sectors including pharmaceutical.

LotusWorks is using this period of growth to reinvest in the company by adding expertise, building training and development programmes, improving employee benefits and enhancing business software and process automation to future proof the growing business.

LotusWorks Director Gerard Sproule  commented:

“In 2018, when we took over the business, we created a comprehensive growth plan with our ambitious, talented management team who are growth focused. In our highly-competitive market, we are proud of our long-standing client relationships, our high levels of talent retention and the company’s growth is definitely powered by our team’s experience. AIB backed us and believed in us from the outset and we continue to have a strong relationship with the bank as we continue to implement change and operational improvements.

“In the past six months, we have bid and won some exciting new work in the semiconductor and Biologics sectors. This opens up a wealth of excellent career opportunities for professionals in the engineering and technical fields and operations management. This growth spurt not only provides a platform for individuals to excel in their careers but also offers a chance to shape the future of semiconductor and biologics manufacturing.

“With the ever-increasing demand for these products, the opportunities for career advancement and personal growth at LotusWorks are limitless. For those with a passion for engineering and manufacturing operations with a desire to make a meaningful impact, LotusWorks is the place to be.

“We are using this growth period to restructure internally, including improved governance, a focus on operational excellence, leadership training and increasing our structures on our client sites. Nothing is changing in terms of our core services but we are reinvesting in the health of the company to make operations more streamlined and to make us faster and fitter and able to support the aggressive growth so we can keep pace with the ever-changing needs of our world-leading clients.”

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