11 hours ago
Waterford-headquartered Suir Engineering sees profit rise by more than 50%
Waterford-headquartered Suir Engineering saw its operating profit grow by 56% in 2024, marking the company's most profitable period in its 41-year history.
CEO John Kelly is currently forecasting a more than 20% rise in turnover in the next 18 months, citing the company's "robust pipeline of activity" and "strong market demand" as key drivers of the business.
Last year also saw the business's cash acquisition of Taylor & Fraser, a mechanical and electrical engineering business in Scotland, which Suir said 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 and beverage and semiconductors," the company said.
Suir currently operates in eight international markets, including Germany, Sweden, Denmark and Finland, with Mr Kelly saying its Irish operations remain "hugely important," despite its growing European footprint.
'We are already looking at a multi-million Euro order book for 2025, with pipeline opportunities in excess of €4bn over the next two years, representing the largest concentration of opportunities the company has ever experienced,' said Mr Kelly.
'2024 was one of Suir Engineering's most prolific, marked by several milestones including acquisitions and launches,' he said.
In 2024, Suir launched an 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.
'There is a skills shortage in Ireland and across Europe, and an urgent need for more highly skilled and trained workers," Mr Kelly said.
"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.'
