Multi-million dollar contracts awarded in the past two months and a rapidly expanding offshore client base helped push the figure over the original budget amount of $19 million.
Nick Burton, i.Power Solutions’ Financial Controller, said that all sectors of the company’s business had experienced rapid growth despite a prevailing economic downturn.
“Growth has been evident in all sectors of the business with sales orders far exceeding budgeted amounts. Manufacturing has grown by 33% while the company’s burgeoning IT business recorded 2000% growth in the year ended April 2002.
“Commensurate with this growth, two new offices have been opened in the past four months and staffing levels have grown to 120 with a 43% increase in permanent staff. Exports currently representing 5.6% of turnover, are expected to grow in the future.
“i.Power Solutions has proved itself as a robust company that is on track to achieve its goal of being the premier Australian-owned electrical engineering company.
“In an era of economic rationalisation and downsizing, i.Power Solutions is in a unique position to capitalise on its ability to provide a full range of engineered electrical products and services from under one roof,” Burton said.
i.Power Solutions provides professional engineering, contracting and project management services to Australia and throughout the world. Areas of operation include: MV & LV switchgear; mining substations; switchrooms; automation and control; SCADA; information systems; site services and turnkey projects.
