Entrepreneur of the year in Ireland 2008 –So what happened next?
17th September 2009
Barry O’Halloran in The Irish Times reports what happened to Galway businessman John Flaherty – who was named 2008 Entrepreneur of the Year. Flaherty is owner and chief executive of CF Tooling, which manufactures server racks, computer casings and other products for high-tech multinationals. Its key clients include IBM and EMC, both of which have operations in the Republic.
Galway-based John Flaherty is celebrating a 21 per cent increase in profits at his design and manufacturing company CF Tooling. Profits at the manufacturing group increased by 21 per cent last year to almost EUR 5 million, according to the latest figures.
Accounts for 2008 filed by CF with the Companies Registration Office show that sales in Ireland grew less than 3 per cent that year to EUR 35 million from EUR 34 million in 2007. Operating profits were up almost 25 per cent at EUR 5 million in 2008 from EUR 4.1 million the previous year.CF ended the year with a total of EUR 20.3 million in retained profits, a 31 per cent increase on the EUR 15.6 million it had retained at the end of 2007. Shareholders funds on December 31st were EUR 21 million, up from EUR 16.4 million 12 months previously.
The business has factories in Athenry, Galway, the Czech Republic, the Philippines and China, from where it also supplies clients such as IBM and EMC. Last year it rescued Collinstown, Co Westmeath car parts manufacturer Iralco from closure in a EUR 10 million deal. It employs more than 1,300 people worldwide.Also last year, the company invested EUR 4.3 million in driver training centres operated by Sim2Learn, which teaches a system that claims to cut van and truck fleet fuel costs by up to 10 per cent.
In autumn 2008, it opened an extension to its Czech plant, which is based near Prague. At the time it said that the facility generated sales of about EUR 20 million a year.More recently, CF announced plans to employ a further 250 people on the manufacture of wind turbines which can generate electricity at low wind speeds.
At the time, Mr Flaherty said that the venture was the first involving products that the company has designed itself. It is planning to invest EUR 20 million in the business.Mr Flaherty has consistently argued that the Republic needs to do more to build up its manufacturing base, which he argues is the best way to create wealth and jobs for the country.
See: Barry O’Halloran, The Irish Times, September 17, 2009