Renewable energy projects and demand for high voltage expertise boosts growth and profits at Maintech Power
Maintech Power, the High Voltage (HV) electrical installation and maintenance specialist, has achieved positive financial growth following an increase in demand for its highly specialist expertise, as published in its latest annual results.
The Ipswich-based business, which celebrated its 25th anniversary this year, increased the profitability of its operations for its financial year ending 31 March 2024, achieving revenues of £7.1m.
Maintech Power has benefited from the surge in activity in renewable energy and the electrification of the UK’s power requirements as demand for its established and specialist services increase.
This positive performance has been driven by both internal developments and its market presence supporting major power infrastructure projects, such as large-scale solar farms, wind farms, battery storage sites and hundreds of private electrical networks across the UK.
This has included the delivery of a major national Operations and Maintenance (O&M) framework for EDF Renewables, supporting the maintenance of its portfolio of solar farms, wind farms and battery energy storage system (BESS) sites around the country, alongside a project for Lightsource bp at a 158-acre solar farm in Nottinghamshire.
Locally it has contributed to the improvement of transport connectivity in Lowestoft by providing its specialist electrical installation services to the new Gull Wing Bridge.
Maintech Power’s dedicated team also provide 24-hour emergency HV electrical maintenance services and has an extensive client list including the NHS, GlaxoSmithKline and Cambridge University.
The business has also continued to benefit from being part of Fulcrum Group, having the support of its shared central services and providing access to cross-company working with Group’s other operating divisions.
Led by Divisional Director Aaron Sallows, who has spent more than three years with the business and has more than a decade of HV engineering experience, Maintech Power has expanded its senior management team to implement its strategy to play a significant role in the country’s transition to net-zero, including attracting and retaining new talent to support its growing project pipeline.
Our latest set of results are testament to the hard work, dedication and expertise of our team and the increasing demand we are seeing from our highly specialist services.
The renewable energy industry, in particular, is providing significant opportunities for the business as the UK drives towards net-zero. The generation of clean electricity requires renewable energy generating infrastructure, which needs our essential High Voltage capabilities to both connect and maintain it. The new government’s programme to increase energy generation, and the resurrection of onshore wind farm developments, also presents significant and exciting opportunities for Maintech Power.
We have an ambitious growth strategy, and these results provide a stronger platform for our continued, sustainable growth. It will support the development of our workforce, both through progression opportunities as well as job creation by attracting talented people and creating new roles for apprentices who will be able to start an exciting career at Maintech Power and make a direct contribution to the UK’s green energy future.
We are exceptionally proud of Maintech Power’s performance. Under the direction of its newly expanded management team, the business is operating in booming, high-growth markets, offering in-demand specialist services, which is accelerating growth, profitability, and access to future opportunities.
