Cork IT group PFH saw turnover exceed €175m prior to acquisition by Tokyo firm

One of the state's largest IT company, PFH saw profit rise to €14.5m, rising by more than 30% year-on-year

PFH Technology founder, Paul Hourican. Images by Gerard McCarthy 087 8537228

Turnover at Cork IT company PFH Technology rose by more than 25% in 2022, increasing to €175.3m at the end of June last year.

With more than 1,000 customers with partners including Dell, Lenovo, Microsoft, HP and VMware, PFH is one of the state's largest IT companies, reporting a profit rise of €14.5m, growing by more than 30% year-on-year.

Founded in 1985 by Paul Hourican, PFH employs more than 750 people across Cork, Dublin and Galway, up marginally from 715 in June 2022, with the firm's net cash generated from operating activities growing by more than €20m, totalling €21.15m last year.

The company reported a total comprehensive income of more than €14.27m in 2022, with the firm paying dividends of €7.38m.

PFH's profit rise comes amid an acquisition of the Cork-based group, with the firm being bought by Japanese imaging company, Ricoh for an undisclosed amount. 

Following the acquisition, company founder, Paul Hourican will step down from his role as chairman, remaining in an advisory capacity to the business. Once the deal is completed, PFH will continue to operate as a separate entity.

PFH Technology Group has six listed directors; Paul Hourican, Thomas Randles, Declan VanEsbeck, Paul Callaghan, Karl Howley and Anne O'Leary.

Expected to be completed in the coming months, chief executive, Paul Callaghan called the acquisition a "testament to the hard work of everyone who has contributed to PFH since our inception over 38 years ago."

The CEO added that the companies had "aligned cultures" which ensured customers are "ideally placed for future success.”

Headquartered in Tokyo, its acquirer, Ricoh has been in operation for almost ninety years. With a global presence spanning 200 countries, the firm reported sales of $14.5bn (€13.26bn) in 2022.