Norfolk's top 100 companies see profits soar by more than 20pc |
The Norfolk Limited 2025 – an annual analysis of the 100 largest independently owned or controlled companies in the county based on revenue – revealed a 20.9pc increase in post-tax profits for firms compared with the previous year.
The report, compiled by chartered accountants and financial planners Lovewell Blake and Mills and Reeve solicitors, showed a modest 2pc growth in revenue.
Meanwhile, a small increase in the level of cash on the aggregate balance sheet suggested that while more cash is being generated, firms are reinvesting rather than holding onto it for the future.
The Norfolk Limited 2025: the revenue and profit of Norfolk's 100 largest companies in the year to Q1 2025 (Image: Supplied)
In the year to the first quarter of 2025 - before increases to employers’ national insurance contributions and other tax changes, which came into effect in April – the firms' combined profit after tax was up £27.4m to £158.6m, compared with £131.2m in the 2024 report.
The data was compiled using the most recent sets of financial statements filed with Companies House, with revenues ranging from £13.4m to £342m.
The entry point level of revenue to make it into the top 100 was £400,000 higher than the previous report, which was £13m.
Of the top 100 companies, almost a quarter (24) were in the retail and leisure sector, which saw the biggest year-on-year increase in profit of 66.7pc.
Anglian Home Improvements, Monica Vinader, and the Cotswold Company were listed in the report as the sector’s largest businesses.
Anglian Home Improvements was listed in the report as the largest company in the sector, (Image: Anglian Home Improvements)
Meanwhile the oil, gas and energy sector – made up of just two companies, Goff Petroleum and Aquaterra Energy – made losses of £2.6m, down 51.9pc.
Overall employee numbers grew by 1,110 (4.3pc) to 27,020.
Headcounts increased most in the services sector, with 18 companies employing 13,103 people – up 7.1pc.
Employee numbers by sector (Image: Supplied)
The largest companies in the sector were Norse, Recruit Ventures, and Epos Now.
James Shipp, partner at Lovewell Blake, said: "The 2025 Norfolk Limited cohort showcases a diverse range of local businesses, ranging from household names that have been the cornerstone of the Norfolk economy for over a hundred years, to breakthrough, high-growth start-ups quickly becoming internationally recognisable brands.
James Shipp, partner at Lovewell Blake, which compiled the Norfolk Limited report with Mills and Reeve (Image: Lee Blanchflower)
"What is common across this year’s 100 is these businesses’ resilience in the face of multiple threats and challenges with an uncertain national and global economic climate.
"We have seen sensible accumulation of reserves, investment decisions taken with longer-term growth in mind, and - above all - a feeling that challenges will be overcome and that Norfolk is a fantastic place to be doing business."
Operating profit increased by 14.4pc to £223.8m, compared to £195.7m the previous year.
EBITDA [earnings before interest, taxes, depreciation, and amortisation] also increased, by 9.8pc.
Tim Barnes, senior manager at Lovewell Blake, said: “The past few Norfolk Limited reports showed an apparent reluctance for significant investment as companies favoured building capital, so it’s interesting to see that pattern reverse this time around.
Tim Barnes, senior manager at Lovewell Blake (Image: Lee Blanchflower)
"The notable increase in EBITDA – a common proxy for cash earnings – means significantly more cash is being generated, which - when taken in conjunction with only a modest increase in cash on the balance sheet - suggests many businesses have utilised that cash for investment.
"That is a positive indicator of business confidence, and investing for the future should give these businesses a solid basis for further growth and development in the years to come."
Norfolk’s food, drink and agriculture sector’s largest business by revenue was Ben Burgess, with 17 companies making a combined profit of £27.7m and employing 1,732 people.
R G Carter Construction was the largest company in manufacturing and construction, while Holden Group was the county’s biggest motor retail and services business.