1 May 2025

Quartzelec reports robust financial performance amidst global challenges

In the year to September 2024; turnover is up 20% to £88.6m with matching order book growth, providing a strong foundation moving forward

Quartzelec has continued to focus on providing a high standard of customer service, aiming to be the international independent partner of choice within the field of engineering services, providing vital services and support to many key industries including power generation & renewables, utilities, construction, marine, rail, manufacturing, healthcare and oil and gas.

This focus resulted in several significant milestones being achieved in the financial year to 30 September 2024. These include a 20% increase in organic turnover growth to £88.6 million: Profitability before tax surging 92% and reaching £9,124,000, reflecting effective cost management, enhanced project execution efficiency and some improved framework rates; plus a 16% increase in order intake to £89.1 million, providing a strong foundation for future growth.

 "Our robust financial performance is a testament to the unwavering dedication of our team and the trust our clients place in us," commented Stephen Morrison, Managing Director of Quartzelec Ltd. "Despite ongoing global challenges, we have successfully expanded our service offering and remained committed to delivering engineering excellence. "

In response to ongoing Brexit-related constraints on service delivery in the EU — including the need for advance work visas and complex export/import procedures — Quartzelec is in the process of establishing a subsidiary in Spain. This move aims to enhance operational agility and better support European service delivery.

In the Middle East, the relocation of Quartzelec’s Abu Dhabi operations to a larger, better-equipped workshop has significantly boosted local service capabilities. Continued investment in workshop equipment is enabling increased in-house operations. Meanwhile, in Southeast Asia, the company has made strong progress in expanding its client base and service footprint in the Philippines, further strengthening its presence in the ASEAN region.

Workforce development remains a core focus, with overall staffing levels increasing by 5% this year including 30 new apprentices joining the business, underlining Quartzelec’s long-term commitment to developing future talent. Ongoing employee training is supported by the in-house QuartzAcademy, with safety, technical skills, and leadership development continuing to be key priorities.

The company also remained dedicated to its corporate social responsibility programme, supporting charitable organisations including the Smallpeice Trust and the Trussell Trust, while encouraging staff participation in local volunteering initiatives at all business unit locations.

Financial Key Performance Indicators to 30 September 2024

“Behind these headline numbers is a year of focused delivery,” commented Ken Wanless, Finance Director of Quartzelec Ltd. “We’ve continued to strengthen the balance sheet, improve margin quality, and carefully manage working capital — all while investing in people, equipment, and capability. This positions us strongly to support our strategic ambitions both in the UK and internationally.”

Looking ahead, Stephen Morrison shared a positive outlook: "We have structured the business for sustainable, managed growth. While the coming year will no doubt bring fresh challenges, we are confident in our ability to continue building organically across our focus markets. Our decentralised business model empowers local teams while being supported by robust central functions — a combination that delivers real value to our customers and partners."

With net assets of £19 million, Quartzelec enters the new financial year with a strong balance sheet and clear strategic momentum, reinforcing its standing as a reliable, agile, and trusted partner in engineering services.

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