Clothing firm Portwest forecasts revenues up to €220m for 2018

Portwest, the speciality clothing company with headquarters in Co Mayo, is forecasting revenues of up to €220 million for this year.

Speaking to The Irish Times, chief executive Harry Hughes said the company was also weighing up a number of acquisitions.

Mr Hughes, who is in Monaco where he is a finalist in the EY World Entrepreneur of the Year awards, said the company was experiencing a strong period of growth currently.

Founded in Westport in 1904, Portwest is one of the world's fastest-growing speciality clothing companies, manufacturing and distributing safety products in 120 countries. The group has achieved 20 per cent compound growth every single year for the past 40 years.

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It has about 3,000 staff and will reach 5,000 within 12 months. It is also targeting €1 billion turnover and over 10,000 jobs in developing countries within seven years.

“We’ve grown at 20 per cent a year but are now targeting 30 per cent annual growth. We’re having a particularly good year right now and I expect turnover will be up about 35 per cent from €165 million in 2017 to between €210 million and €220 million this year,” said Mr Hughes.

Acquisitions

The company has been on the acquisition trail in recent years and last month completed the acquisition of its second Australian company as it expands its presence in that market.

Mr Hughes said Portwest was in active talks with a number of other companies about possible deals.

“We are looking at a few but are finding it hard to get the right ones. We’re only interested in companies that can give us something extra, be that a new technology, market share and so on. We’re in talks with a few at the moment, particularly in the US where we’re keen to expand, but most are excessively expensive,” he said.

“At the same time we don’t have any difficulty growing organically and we’re continuing to work to ensure we have growth facilities going forward,” Mr Hughes added.

Mr Hughes is one of three brothers running the company which designs and manufactures personal protective equipment, workwear and outdoor clothing.

He said that with four of the owners’ children taking up roles in the company in recent times, Portwest would continue to be a family business long into the future.

Mr Hughes is one of more than 50 business leaders in the running to be named World Entrepreneur of the Year. The winner will be announced at a special ceremony at the Salle des Étoiles in Monaco on Saturday.