Waterford business reports 56 per cent rise in profit margin

Suir Engineering, with its headquarters in Waterford and regarded as one of Europe’s fastest-growing engineering services providers, has reported a 56 per cent increase in operating profit for 2024.

It marked the most profitable period in the company’s 41-year history.

In addition, CEO John Kelly forecast a +20 per cent increase in turnover over the next 18 months, citing a robust pipeline of activity and strong market demand as key drivers for the Waterford engineering business. Suir Engineering’s 2024 annual report included details of the cash acquisition of Taylor & Fraser, a leading mechanical and electrical engineering business in Scotland, which has strengthened the company’s UK footprint, while expanding its service capabilities.

“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 Mr Kelly, who also said last year was "one of Suir Engineering’s most prolific, marked by several milestones including acquisitions and launches".

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 Mr Kelly.

“There is a skills shortage in Ireland and across Europe, and an urgent need for more highly skilled and trained workers," he added.

"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 and renewables, pharma and life sciences, food and 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.

With more than 1,600 employees, the company’s expansion into the UK was also marked last year by the opening of offices in London and Manchester. 

The move supported Suir Engineering’s growing UK customer base and positioned the company to capitalise on multi-billion-pound pipeline opportunities in high-growth sectors it specialises in.

With offices in eight international markets including Germany, Sweden, Denmark and Finland, the company's performance last year affirmed its position as one of the largest engineering services providers in Europe. However, Ireland remains hugely important to the business' performance and operations, but Mr Kelly said it was the company’s wider focus on Europe that was driving its recent growth and profitability.

For more on the company go to www.suireng.com