SUIR ENGINEERING REPORTS 56% RISE IN OPERATING PROFIT
Suir Engineering reports most profitable year in its trading history
2024 marked by European expansion, UK acquisition and launch of apprentice centre of excellence
20% growth projected for 2025/2026 trading periods
Suir Engineering, one of Europe’s fastest-growing engineering services providers has reported a 56% increase in operating profit for 2024, marking the most profitable period in the company’s 41-year history.
CEO John Kelly forecast a +20% increase in turnover over the next 18 months, citing a robust pipeline of activity and strong market demand as key drivers for the Waterford-headquartered engineering business.
Suir Engineering’s 2024 annual report included details of the cash acquisition of Taylor & Fraser, a leading mechanical & electrical engineering business in Scotland, which has strengthened the company’s UK footprint, while expanding its service capabilities.
With more than 1,600 employees, the company’s expansion into the UK was also marked by the opening of offices in London and Manchester last year. The move supports Suir Engineering’s growing UK customer base and positions the company to capitalise on multi-billion-pound pipeline opportunities in high-growth sectors such as data centres, energy, power and renewables, life sciences, food & beverage and semiconductors.
With offices in eight international markets including Germany, Sweden, Denmark and Finland, Suir Engineering’s 2024 performance affirms its position as one of the largest engineering services providers not only in Ireland, but in Europe.
Ireland remains hugely important to Suir Engineering’s performance and operations, but John Kelly explained that it was the company’s wider focus on Europe that was driving its recent growth and profitability.
“We are already looking at a multi-million Euro order book for 2025, with pipeline opportunities in excess of €4 billion over the next two years, representing the largest concentration of opportunities the company has ever experienced,” said John Kelly. “2024 was one of Suir Engineering’s most prolific, marked by several milestones including acquisitions and launches,” he said.
In 2024, Suir Engineering launched a pioneering Apprentice Centre of Excellence in Dublin offering both workstation and classroom learning with a dedicated trainer and mentor to support apprentices over their four years of training. “We want to raise the bar ever further for trade professionals in the engineering sector and equip apprentices with the highest levels of additional learning and mentorship,” said John Kelly.
“There is a skills shortage in Ireland and across Europe, and an urgent need for more highly skilled and trained workers. Apprentices are the lifeblood of our sector and at any one time we could have up to 400 apprentices in the business. Our goal is to ensure that they receive optimum training to help them reach their full potential.”
Operating in the areas of data centres, energy, power & renewables, pharma & life sciences, food & beverage and semiconductors, Suir Engineering was founded in Ireland in 1984 and was acquired in 2022 by private equity group, Duke Street, from Dalkia and EDF Energy.
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Michael McDonnell Managing Editor of Irish Construction Industry Magazine & Plan Magazine
Email: michael@irishconstruction.com WWW.MCDMEDIA.IE