Bruce Shaw, the construction consultancy behind most of the office blocks in the International Financial Services Centre, is rebranding as Linesight as its revenue is set to reach €60 million this year following a refocusing of the business internationally during the property crisis.
The company, which was turning over almost €40 million a decade ago prior to the downturn in 2007 at a time when 80 per cent of its business was in Ireland, was forced during the domestic crisis look for business overseas, where three-quarters of its activities are now based, chief executive Gerard Campbell said.
“In 2008, the construction industry in Ireland was worth €38 billion, but it fell to €8 billion over two years – it was like falling off a cliff,” Mr Campbell said. “We had a choice: either cut our cloth to the size of the market and lose really good people, or expand internationally.”
The company initially ventured into Dubai before expanding further into the Middle East, Europe, North America and the Far East. It currently operates in more than 40 markets.
Organic growth
The company’s international strategy has been to grow organically, rather than through acquisition, working with clients who had hired them initially in Ireland, Mr Campbell said. Such clients include technology groups IBM and Dell, business services company Xerox, drugs and consumer goods maker Johnson & Johnson and banking heavyweight Citigroup.
Employee numbers at Linesight have almost doubled to 500 globally since the onset of the Irish property crash.
In Ireland, the size of the construction industry, which plunged to €6 billion during the depths of the downturn, is expected to recover to €14 billion to €15 billion of activity this year, Mr Campbell said.
“But it probably needs to get back to between €18 billion to €20 billion to be in line with the average for developed European countries, where construction typically makes up 11 per cent to 12 per cent of [gross domestic product],” he said.
Mr Campbell said opportunities for Ireland to win business from the UK as a result of Brexit should buoy the industry in the medium term.
As part of the group's strategic plan and rebranding, Linesight has altered some of its employee titles and positions in some markets. Peter McHale has been appointed chairman of the Irish business, Richard Joyce has been named managing director, while Ken Cribbin has been appointed managing director of project management.
