A NEWTOWN-based engineering consultancy specialising in secure system solutions for the defence and security sectors celebrated success at the Powys Business Awards.
Espanaro Ltd, Newtown collected the Small Business Growth, sponsored by Cellar Drinks, at the annual awards ceremony held at Dering Lines, Brecon.
Organised by Mid Wales Manufacturing Group (MWMG), the awards showcase the diverse range of successful enterprises within Powys.
Dan Edmunds, Espanaro founder and chief executive, said: “It’s amazing to be recognised and we are proud as a team to win this award. We have shown resilience in the way we have adapted and diversified in a challenging market to secure the future of the business.”
Established in 2020, Espanaro has 16 staff and has shown great resilience and innovation in the past year to report significant growth by diversifying after losing major contracts.
Initially focusing on bespoke software solutions, the company expanded into the engineering consultancy sector with the creation of the Espanaro Advanced Engineering Consultancy (EAEC).
This diversification allowed Espanaro to offer comprehensive solutions integrating advanced engineering with cutting edge software, meeting a broader range of client needs.
By the end of 2023, the company achieved a turnover of £566,701, up 400% on the previous year. Despite an industry downturn, Espanaro is expected to achieve a revenue target of £1 million this year by winning new contracts.
However, the company has had to bounce back from losing orders worth £400,000 in defence procurement cuts at the start of this year. Thanks to the leadership of Dan Edmunds, Espanaro diversified its services to navigate the downturn, secured the jobs of all employees and seized new market opportunities.
A comprehensive business plan was developed and new partnerships secured with industry leaders. New products have been developed focusing on security software solutions and advanced data management systems to target aerospace, healthcare and national infrastructure customers.
Four patented products have been developed as solutions for the Ministry of Defence and a strategic growth loan will fund critical projects as the company aims to double its workforce within the next year by securing new contracts worldwide.
The company has also introduced the Espanaro Military Transition Scheme to mentor and guarantee employment for transitioning military veterans.
The award judges said: “Espanaro has demonstrated its ability to change and grow in a competitive market and, with a detailed business plan, is on course to deliver further success in all areas of its business. The diverse and enthusiastic team has strong leadership supported by an expert management team.”
Runners-up were Reeco Automation Ltd, Newtown and The Clever Baggers, Llanymynech.