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FM specialist Enerveo struggles to go it alone

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SSE has reacquired mechanical & electrical (M&E) contractor Enerveo after it struggled to operate as an independent business. 

Zak Houlahan, CEO. Credit: Enerveo.

The energy company had previously sold Enerveo, which was then known as SSE Contracting, to investment firm Aurelius Group in 2021. 

Recent accounts show the Birmingham-headquartered company suffered a downturn in financial performance, despite a company restructure aimed at cost reduction and attempts to win higher margin projects.   

Enerveo managed to decrease its underlying losses in FY2023 by avoiding legacy projects in non-core industries, reducing overheads, renegotiating contracts, streamlining operations, and focusing on profit-generating projects.    

But for the year ended 31 March 2023, the company reported a total operating loss of £9.4 million (FY2022: £26 million loss) and loss for the year of £10.2 million (FY2022: £27.1 million loss).   

SSE said it is now conducting a review of each part of the business.  

“Following the repurchase, SSE will now work with Enerveo management to conduct a review to develop and then implement a longer-term strategy for each part of the business,” said the energy company. 

Was this interesting? Try Balfour Beatty reports revenue of £10bn  

If you have a tip or story idea that fits with our publication, please contact the news editor rory@wavenews.co.uk 

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