Professional Engineering Projects Limited Annual Report

Professional Engineering Projects Limited (PEP) is the Institution of Mechanical Engineers’ trading subsidiary.

It is delivering:

• Learning & Development
• training
• consultancy
• examination services
• and venue hire and catering in the UK and internationally.

The Annual Report outlines PEP’s financial and operational performance during 2024, a year marked by strategic change and a return to profitability. Growth was achieved in both Learning & Development and External Room Hire & Catering, with Learning & Development expanding across business-to-business and business-to-customer channels through increased customer activity, new locations and an expanded course portfolio.

Following a strategic review, PEP divested a number of non-core businesses, including IMechE Argyll Ruane and IMechE Fife NDT Ltd during 2024, and completed the sale of the Sonaspection businesses in February 2025. These actions enabled the business to focus more closely on its core activities and strengthen its financial position.

Key highlights from the year include:

• A return to profit before interest and tax
• Profit after tax, compared with a loss in 2023
• Cash balances rebuilt, representing an increase year on year
• Continued resilience and positive cashflow forecasts supporting the company’s going concern status.

The report provides transparency on governance, risk management, and key performance indicators, supporting the Institution’s wider mission and long-term financial sustainability.