Message from the CEO

“Throughout our history, we have kept our approach to business simple: it begins and ends with hiring talented and caring people. You get that right, and everything else comes together. We are excited about our future and are confident that the next generation of leadership will continue to build upon the history and success of RESPEC."

We finished the decade with a flourish—2019 marked the 50 th year in business for RESPEC, which is an amazing testament to our talented employee-owners. During our first half-century, RESPEC evolved from a highly specialized, focused research company working with the US Department of Energy to a strategically diversified consulting company doing business throughout the US and in more than 53 countries. We are continuing to build the core technical expertise that established the company while expanding our complementary technical capabilities and services.

Throughout this past year, we continued to grow the company and create opportunities for professional growth. This year, 2019 marked 10 years of continued net revenue growth with an increase of 9.1 percent. Over the past decade, RESPEC has successfully grown our net revenues at a compound annual growth rate of 11 percent. We continue to commit 50 percent of pretax, prebonus, preretirement profits back to employees through the Employee Stock Ownership Plan (ESOP) and bonuses. As a result, our employee-owners have enjoyed the financial benefits of consistent double-digit revenue growth. Even more importantly, by expanding the company, we are creating opportunities for advancing our employees’ professional development through the 400-plus clients we serve and the 800-plus projects we manage annually.

RESPEC’s organic growth has been strong and consistent; however, a key component of our success has also been the strategic acquisition of additional technical capabilities. In March 2019, Mine Development Associates (MDA) joined RESPEC. With more than 30 years of experience in the mining industry, MDA is a recognized leader in the precious metals marketplace. Located in Reno, Nevada, MDA is at the center of Nevada’s gold-mining industry.

To continue the success of the last 50 years, RESPEC rolled out theVision 2025 strategic plan. Vision 2025 sets forth our strategic pathwayfor the next 5 years. RESPEC’s strategic vision is to evolve from anengineering, science, and technology company into an IntegratedSolutions Partner (ISP). The ISP vision requires an enhanced focuson collaboration, expanding on our resources, and client intimacy.As an Integrated company, we are working across the organizationand capitalizing on our breadth and depth of technical know-how andexperience. Our Solutions are achieved by applying technology andusing the subject-matter expertise in our market sectors to createreal-time, decision-support solutions. As Partners, we are focusedon building client intimacy to solve complex challenges. As an ISP, oursubject-matter experts and technologists partner with our clients tocreate solutions for a dynamic world.

In closing, we finished 2019 with two of the strongest financial quartersin the company’s history. Through your efforts, we once again returnedvalue to all of our employee-owners through the ESOP. Thank you toevery RESPEC employee for your contributions this past year and as wemove into our 6th decade of business.