6 March 2023

In a year that has been significantly impacted by many new and other persisting Global factors Quartzelec, a leading independent engineering service provider with facilities throughout the UK and an ever‑extending global reach, has seen its order intake in its financial year ending 30 September 2022 jump 23% to £80.605m and its profits before tax up 9% to £2.653m.  Factors including the conflict in Ukraine, elements of ongoing disruption caused by COVID in some regions and the onset of high inflation had an impact on costs, which in turn contributed to a slip in operating income before impairments to a still respectable £2.753m.

Stephen Morrison, Quartzelec’s Managing Director stated “Despite the various challenges, orders jumped by 23% to over £80m, which is testament to our people and our ongoing relationships with our customers who continue to invest  in our products and services. We have had to contend with an array of external Global factors that have challenged the business and affected overall profitability as we continue to provide vital engineering services, in the areas of rotating machines, contracting services and related innovative products, to a broad cross section of industry sector customers.  In spite of these challenging times we have still been able to sustain our reputation and invest in training, safety, facilities and working practices plus maintain the wellbeing of our colleagues; all putting us in a really strong position for continued future growth.”

Trading arrangements in Europe, resulting from BREXIT and other associated factors, continued to be a challenge with issues related to new import and export processes and visa requirements all exasperating operations.  Quartzelec is currently considering how best to address these, while also further enhancing the services offered in these markets to ensure it remains competitive. Its overseas operations also experienced similar trading restrictions but likewise they have diversified and expanded their customer base and geographic markets ahead of future anticipated growth.   

Financial Key Performance Indicators to 30 September 2022

Many International customers’ operations were also impacted at the start of the trading period due to the reduced demand and global travel restrictions resulting from COVID, but the level of site services delivered began to return to pre‑pandemic levels as visas and travel became possible. 

Quartzelec continues to support many key industries in the UK and internationally including power generation & renewables, utilities, construction, manufacturing and oil & gas, as well as to key customers including the MOD and NHS, helping them in turn to meet operational performance requirements and the expectations of their customers.

Stephen Morrison concluded: “We saw market conditions strengthen during the second half of the financial year and as we return to a ‘business-as-usual’ approach anticipate that this growth will continue through 2023 and beyond. We also place special emphasis on our people and their training, with our skilled workforce remaining relatively constant throughout recent years. We continue to actively recruit across the business and our apprenticeship scheme has also increased our headcount by over 30 this year with firm plans to expand on annually as we continue to invest in our future.”

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