Suir Engineering
John Kelly, CEO, Suir Engineering.

Suir Engineering has released details of its financial performance for 2023, reporting a turnover of €429m, representing 41% year-over-year growth.

John Kelly, CEO, Suir Engineering, has confirmed that the company improved its liquidity base over the past 12 months and operated profitably, achieving an EBITDA of 5%. The latest financial results affirm Suir Engineering’s position as one of the largest providers in its sector.

The business, which provides mechanical, electrical, instrumentation and high-voltage engineering services, marks 40 years in business this year with an international footprint that extends beyond Ireland to Sweden, Denmark, Germany, and more recently, the UK and Finland.

Ireland remains a crucial market for Suir Engineering, and over four decades, the business has developed longstanding relationships with a significant client base across multiple sectors.

In addition to its work in its chosen sectors of pharmaceutical, life sciences and data centres, Suir Engineering has grown its project portfolio in energy power and renewables (EP&R).

“Our EP&R business has operated for over 20 years and has quadrupled in size in the last six to a division now generating €120m per year, carrying out ground-breaking and first-of-a-kind electrical power projects across the UK and Ireland,” said John Kelly.

“We are marking our 40th anniversary in 2024 and already, it’s shaping up to be our strongest ever given the €500m order intake last year. This is a testament to our highly skilled workforce and a demonstration of the confidence our clients have in our work and our people. Having closed the 2023 management accounts, we’re really pleased to be able to lay such strong foundations for 2024 and are optimistic that we will achieve another record-breaking performance with new opportunities on the horizon.”

Kelly confirmed that Suir Engineering will further expand its employee base, increasing it from over 1,500 to more than 1,700 in 2024, aligning with and supporting the company’s growth strategy for 2024 and the years ahead.

Headquartered in Waterford and with offices in Dublin, Stockholm, Copenhagen, London and Frankfurt, Suir Engineering was founded in Kilkenny in 1984 and was acquired in 2022 by private equity group Duke Street from Dalkia and EDF Energy.

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