Energy firm's investment in new products pays off
Cornwall energy-saving business Enigin plc promises to become a world leader in energy-efficient technologies and strategies after revealing strong growth levels this year.
The St Austell-based company, which designs products and services for the energy efficiency and renewable energy markets, is now active in 57 countries and has monitored more than 436,992,936 kilowatts of power across the globe.
It is ranked at number 15 on this year's Fast Growth 75 list.
The company's mission is to make energy efficiency attainable for 'forward-thinking' organisations.
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Earlier this month, St Austell and Newquay MP Stephen Gilbert officially opened the firm's new research and development facility at its headquarters, which will be home to the company's growing team of software engineers, electronics engineers and hardware developers.
Research and development has been a priority for the business this year. It has been working on several new innovations, investing more than £250,000 in R&D.
Many of the team of 25 staff are involved in the research and development of clean technologies, innovations that conserve energy and resources, protect the environment, or eliminate harmful waste. Some 95% of its products, which cover lighting, refrigeration, air conditioning and motors, are exported to overseas markets including Europe, Asia and America.
Despite record levels of investment in research and development equating to 10.3% of revenue, the company last month reported pre-tax profits of £710,936.
From a standing start five years ago, sales are now over £10 million and annual growth is at 25%. Dunn and Bradstreet, one of the world's foremost credit agencies ranked the organisation "in the top 7% of UK companies least likely to fail".
Ambitions remain high as the company plans to launch six new product lines next year in energy monitoring, air conditioning, refrigeration and motor control. Such investments, it says, will be the catalyst for further growth over the next five years.
Managing director Troy Wrigley said: "I am both surprised and delighted by our success. A lot of it comes down to the way we work. 'Profit with integrity' means we enjoy profit without costing the Earth. We like to feel we are making a difference to the world."
Mr Wrigley was a founder member of the company and took over the position of managing director from his father, Ian Wrigley, in July. He explained how market forces had helped the business.
"The market is ripe for energy efficiency. What we are offering is solid returns as the cost of energy-saving products goes down and the cost of renewables rises. Energy efficiency is faster, cleaner and more cost-effective than renewables. Like the company Apple, we have tried to create a product ecosystem. By that I mean we have created a series of desirable products which all work in tandem with each other. They are cheap, cost-effective and fast-running."
Ian Wrigley remains involved with the business as technology director. "The work we do here in StAustell is at the leading edge of scientific development within the area of energy efficiency, proving once more that Cornwall is at the forefront of innovation in this sector," he said.