As we close out an extraordinary year, I want to take a moment to reflect on the milestones, achievements, and collective efforts that have defined 2024 for Enspec. From record financial growth to pioneering technical contributions, it’s incredible to see just how far we’ve come.
Record-Breaking Performance
This year, Enspec delivered exceptional results that set new standards for our business. Our revenue grew by 48%, while our cost of sales decreased by 15%, resulting in a 15% increase in gross profit. Most notably, our EBITDA surged by an impressive 70%. These achievements speak volumes about the dedication, expertise, and efficiency of our team.
Looking ahead, the momentum continues: we already have 60% of last year’s revenue booked for Q1 of 2025. This strong pipeline provides a solid foundation for the year ahead and reflects the trust and confidence our clients place in us.
Strengthening Our Teams and Capabilities
Behind every success is our incredible team. Across Consultancy, Manufacturing, and Site Services, we have seen outstanding contributions that continue to position Enspec as a leader in power systems engineering, power quality, and electrical engineering solutions. Our business functions—from Marketing, IT, and Finance, to HR & Recruitment—have also played an essential role in enhancing efficiency and innovation across the board.
Since January, we’ve welcomed 17 new team members, with more additions and exciting opportunities already lined up for the New Year. Investing in our people remains central to our success, and I’m proud of the top-tier culture we continue to build: one grounded in learning, collaboration, and a growth mindset.
Technical Excellence in Action
This year, Enspec has delivered significant progress within power systems and power quality solutions. We supported a diverse portfolio of projects across renewable energy, critical infrastructure, and advanced manufacturing, solidifying our expertise in areas such as harmonic filtration, reactive compensation, and point on wave switching.
One standout project was our largest manufacturing contract to date, supporting an advanced facility for an offshore wind monopile manufacturer. Meanwhile, our team successfully delivered our largest commissioning project yet, completing the commissioning of 103 point on wave switching devices at the Viking Wind Farm in the Shetland Islands. This complex project required advanced training, meticulous planning, and the dedication of multiple engineers on-site for weeks—and in some cases, months—at a time.
In addition to these accomplishments, we launched our first Knowledge Transfer Partnership (KTP) collaboration with Manchester Metropolitan University (MMU), focusing on hydrogen integration into the grid. This project is pivotal as the industry grows, and we’re thrilled to see it already exceeding expectations. Initially, we anticipated this 2.5-year initiative would focus solely on theoretical sites, but we are already seeing utility-scale projects in our pipeline. The insights gained through this KTP ensure that Enspec is perfectly equipped to deliver impactful solutions at scale, further strengthening our role as leaders in innovative power systems engineering.
Focus on 2025: Innovation, Growth, and Contribution
As we turn our focus to 2025, our strategy remains clear and ambitious:
- Driving Technical Contribution: We are committed to advancing industry knowledge, particularly within renewable energy development and Data Centre infrastructure.
- Growing Our Teams: We will continue expanding our technical and support teams to enhance project delivery and ensure a seamless client experience.
- Establishing a Dedicated Engineering Department: This new team will spearhead innovation projects to meet growing demand across our client base.
While our roots remain firmly in the UK and European markets, our reputation continues to expand across the Atlantic. With increasing interest from the US, our expertise in electrical engineering and power systems solutions is proving to be globally vital.
Our People: The Heart of Enspec
Throughout our journey, one thing remains constant: our people are at the heart of everything we do. We place learning, support, and family at the core of our values, creating a culture where growth and success are shared. It’s this mindset—one of innovation, collaboration, and continuous improvement—that will empower us to achieve even greater heights in 2025.
On behalf of the entire leadership team, I want to thank every member of Enspec for their hard work, dedication, and unwavering commitment. To our clients and partners, thank you for trusting us to deliver solutions that matter. Together, we’ve made 2024 a year to remember, and the future holds even greater promise.
Here’s to 2025—a year of continued innovation, growth, and collective contribution.
