A survey completed last week (23 April 2020) by the Geoscience Ireland (GI) business cluster reflects the severe impact of the Covid 19 pandemic on its 40 member companies. The DCCAE cluster is managed by Geological Survey Ireland. The main results are as follows;
92% of the member companies are very or extremely concerned at the impact of Covid 19.
Driving that concern is the fact that;
74% of members noted that they had experienced projects being delayed or cancelled and 33% noted that their project pipeline were impaired.
90% reported that almost all field and manufacturing operations are suspended; design work is less affected.
46 % reported that they had not yet reduced staff numbers.
80% have reviewed the various government support schemes available.
Member companies are undertaking a range of options- including availing of support schemes- as follows;
- 50% Availing of Temporary Wage Subsidy Scheme
- 24% Asking staff to take early annual leave
- 24% Implementing short time working e.g. 4 day week
- 11% utilising Split Shifts
- 11% issuing Protective Notice
When asked what further measures government should undertake, GI members offered a range of suggestions ;
- Ensure infrastructure and Project 2040 spending is maintained
- Gradual but early reopening of construction projects
- Lifting of restrictions on field and survey work
- Assistance with cash flow issues.
As c.35% of GI member companies revenues (€360M in 2018) derive from overseas operations, a major concern is the uncertainty surrounding reopening of international travel allowing access to projects abroad. Since mid-March, 10 GI members have brought most of their ex-patriate staff back to Ireland.
GI will continue to support its member companies in identifying tenders and providing market intelligence.
Sean Finlay of Geoscience Ireland’s Business Development Director commented;
“First launched in 2010 in the face of the then global economic crisis, GI member companies have been successful in expanding their overseas business, creating innovative services and products and collaborating to achieve scale in international markets. These skills will be needed in abundance in the light of Covid 19 impacts.”
For more info please contact Sean Finlay, Business Development Director (email@example.com)