19 September 2023
By Bryan McCarthy
bryan@TheCork.ie

Business News

12 Cork companies have been awarded Ireland’s Best Managed Companies accolade at the 15^th annual awards programme, led by Deloitte in association with Bank of Ireland. This year, Deloitte recognised 130 indigenous companies at the awards representing 24 of the 32 counties across the country.

The network of companies has a combined turnover of €17 billion and €3 billion of exports sales, providing employment for over 53,000 people across Ireland across a range of sectors – from manufacturing and tech to construction and food and beverage. A detailed judging process precedes the recognition, evaluating the entire management team and business strategy. The judges look beyond financial performance at areas such as a company’s environmental, social and governance standards, strategic planning and talent strategy, when awarding Ireland’s top privately owned businesses.

Amongst the winning companies this year was IITC. The company achieved gold standard having won for the fourth consecutive year.

In addition to the Best Managed Company Award, there are several other award categories with the Family Business Award going to Cork-based food wholesaler and foodservice company Musgrave Group.

Brian Murphy, Lead Partner for Ireland’s Best Managed Companies Awards Programme at Deloitte, said:

“This year we’re celebrating 15 years of the BMC programme and the incredible companies that have qualified. Even though this year’s cohort faced into another challenging period, over the past 15 years we’ve seen how indigenous Irish businesses find opportunities in change. Strengthening governance and recognising the value of specialist expert advice on critical areas such as ESG were key discussion points in the coaching sessions. We also saw companies increasingly focused on innovation driving internationalisation. Despite the uncertainties of the past few years, the confidence of Irish businesses is clear as more and more are scaling their market reach internationally.”

The eight newly qualified companies are: APC Ltd (Dublin), Codex (Dublin), JJ Rhatigan & Company (Galway), Kyte Powertech (Cavan), Lowe Corporation (Antrim), Mail Metrics (Dublin), Production Equipment Europe (Galway), and Topflight Travel Group (Dublin).

There were also 112 companies that requalified as a Best Managed Company, five companies achieved Gold Standard, and five companies were awarded Platinum Standard.

Minister for Finance, Michael McGrath T.D., who spoke at the awards ceremony, commented: “I am delighted to see the remarkable achievements of these home-grown companies, who have demonstrated immense resilience, innovation, and commitment to sustainable growth. This year’s recipients of Ireland’s Best Managed Companies Awards, encapsulate the forward-thinking approach that defines Irish business.

“Despite challenging headwinds and uncertainty, the Irish economy continues to perform remarkably well and the contribution that these companies make cannot be understated — providing employment to over 53,000 individuals and contributing €3 billion to our export sales. The businesses showcased here are emblematic of the resilience of our people and the underlying strength of our economic fundamentals.”

Senior Director Nikki Canavan, Head of Origination & Sustainability, Bank of Ireland Corporate Banking said: “Bank of Ireland is delighted to be the Lead Sponsor of the Deloitte Best Managed Companies Awards for the sixth consecutive year. Once again this year our judging team has been extremely impressed by the resilience and flexibility displayed by businesses who have successfully navigated the choppy waters of the Irish commercial landscape. These businesses have also integrated sustainable practices into their everyday operations, embracing new challenges and deploying targeted resources as their business models evolve. I want to congratulate every one of this year’s winners, especially the 8 new first-time winners, and wish them sustained success into the future.”

The members of this year’s judging panel were: Frank Ryan (Chair of Judging Panel) and current Chairman of the Board of IDA Ireland; Nikki Canavan, Senior Director at Bank of Ireland Corporate Banking; Feargal Mooney, Non- Executive Director and former CEO of Hostelworld Group; Sarah Murphy, CEO, Business Post; Colm Foster, Director of Executive Education at the Irish Management Institute; Ellvena Graham OBE, Chairman and Non-Executive Director, Ellvena is Chair of the Belfast Waterfront, ICC & Ulster Hall, Chairman of the Economic Advisory Group (EAG) in Northern Ireland, member of Senate & Senior Independent Governor of Queen’s University, Non Executive Director Dale Farm, and Chairman Catalyst; Lionel Alexander, Chairman Intact Software, Board Member Fine Grain Property, Board Member at St. James’s Hospital Dublin and Chairman Advanced Manufacturing Centre Ireland.

The eight first-time winners are:

The Gold Standard (four years as a Best Managed Company) winners are:

The Platinum Winners (seven years as a Best Managed Company) are:

Pictured were John McGrane, Executive Director, Family Business Network, Harry Goddard, CEO, Deloitte Ireland, and Andrew Keating, CFO, Musgraves. Picture Jason Clarke.

Pictured were David Shanahan, partner, Deloitte, with Joe Healy, Financial Controller, and Sean Hyland, Sales Manager, IITC. Picture Jason Clarke.