RenQuip expands global presence and achieves strong growth in 2024
John Morgan and Marc Gerrard, RenQuip Directors launching groundbreaking flange spreading technology
RenQuip, a pioneering manufacturer of hydraulic and mechanical equipment, is proud to announce a period of significant growth and substantial global expansion. Building on years of consistent performance and strategic development, the company is set to surpass its revenue targets while reinforcing its presence in several key international markets.
Since being founded in 2021, RenQuip has demonstrated exceptional financial performance. In 2022, the company outperformed its revenue projections by 20%, setting the standard for an impressive trajectory. This momentum continued into 2023, where RenQuip achieved a remarkable triple increase in revenue. As of 2024, the company has doubled its workforce to 14 dedicated team members and is on track to achieve a further 25% growth over the previous year.
A key driver of this success has been RenQuip’s robust expansion strategy, particularly its focus on the US market. The early entry into this dynamic region has been marked by the establishment of strong partnerships and a reputation for delivering high-quality products. The addition of 20 new distributors and resellers in 2024 alone positions the company to effectively meet the growing demand while maintaining its high standards of customer service and support.
RenQuip’s strategic expansion into the Middle East has already resulted in a significant order secured from a major operator in Saudi Arabia. Looking ahead, the company is set to continue its growth trajectory in the Middle East while also expanding into new markets in Asia and Central Europe. To facilitate this continued expansion, RenQuip is launching a comprehensive new product catalogue, producing a series of application videos, and introducing an array of innovative new products designed to meet the evolving needs of its global customer base.
Marc Gerrad, Managing Director of RenQuip, commented on the company's achievements: “Our growth in 2024 is a testament to our strategic vision, commitment to quality, and the strength of our team. As we continue to expand globally, our focus remains on exceeding our clients expectations through continuous innovation and dedication to excellence in all aspects of our business.”
RenQuip remains committed to its pursuit of excellence, with plans to further strengthen its global presence and solidify its position as a leader in the hydraulic and mechanical equipment industry.
About Renquip
RenQuip Ltd is a premium Original Equipment Manufacturer (OEM) with a specialist in-house design and engineering team based in Aberdeen, Scotland. Founded in 2022, RenQuip develops and manufactures pioneering hydraulic and mechanical equipment with the aim of providing solutions to its client base globally across a number of industries.
RenQuip also offers rental, sale and maintenance services on a wide range of controlled bolting, in-situ machining, and specialist construction equipment through coveted agreements with leading global manufacturers. With a strong commitment to ESG through its innovative solutions, RenQuip has established itself as a reliable partner for businesses seeking professional and responsive services. Visit www.renquip.com
Issued on behalf of RenQuip by ThinkPR.
