The group, operating in the smart engineering field, released 2022 revenues of £57.5 million. This is an increase of more than 50% on 2021, which helps with the group chief executive Peter Cunningham’s target of reaching £100m in five years.
Regardless of supply chain disruption and continuous global uncertainty, Camlin’s underlying profitability has also improved, with significant year-on-year top line growth.
Camlin’s product and service portfolio has been steadily developed, meanwhile they continue to invest in R&D to assist the future delivery and respond to the market environment.
Before 2022 had ended, Camlin had developed a considerable backlog of projects for delivery in 2023, totalling to a value of £45m, underpinning the 2023 revenue estimate of more than £80m.
By the end of December 2023, the group is on course to reach its target of attaining a £60m backlog, feeding into its 2024 profitability targets.
The foundations for Camlin’s revenue estimates are rooted in a five-year strategic focus on supporting its customers in delivering net zero and growing investment in the development of a robust and flexible electricity grid network.
As part of the strategy, Camlin is continuing to look to invest in innovation and technologies to solve industry-wide issues and support the UK and US in meeting their net-zero emissions aims.
Peter Cunningham said: “While managing ongoing global disruption, we have remained focused on customers’ evolving needs and working closely with our suppliers to develop a strong backlog for delivery in quarter four of 2023 and well into 2024.
“Camlin has an important role to play as an enabler of the UK’s green energy transition, working to deliver software and data services which enhance the grid’s flexibility and robustness as more renewable energy comes online.”
“We are optimistic about building on this year’s progress within both the energy and rail infrastructure segments to deliver further profit growth in 2024.”