Region’s companies with fastest-growing profits named

TWO West Midlands companies have been ranked in the top four fastest-growing profits in the country, analysis has found.

Appliance manufacturer Gtech and energy supplier First Utility are leading the way, with average annual profit growth of 163% and 157% respectively.

The Sunday Times BDO Profit Track 100 league table ranks Britain’s private companies with the fastest-growing profits over three years.

Worcestershire-based Gtech was founded by inventor Nick Grey and now manufactures a range of products from cordless vaccum cleaners to electric bicycles.

First Utility is based in Warwick and supplies gas and electricity to more than 800,000 customers, making it the seventh-largest energy supplier in the country.

Richard Rose, partner and head of the West Midlands at BDO, said: “Medium-sized businesses across the UK are thriving, creating one in four jobs and responsible for one third of the country’s total revenue.

“They are seizing the opportunities a recovering economy presents and the most profitable have remained focused on sustainable growth through investment in innovation, diversification and overseas expansion.”

Two other West Midlands companies made the list – car dealers Drayton Group, in 36th with average profit growth of 84% and online bookmaker bet365, in 91st with 57% growth.

The Staffordshire company yesterday announced plans to open a technology office in Manchester to increase its talent pool.

The four companies headquartered in the West Midlands together employ 4,100 staff and have achieved combined profits of £444m.

The companies in the West Midlands appear with businesses from around the UK, including online retailer The Hut Group, craft beer maker BrewDog, sushi bar chain Wasabi and toy retailer The Entertainer.

29 companies are involved in construction and housebuilding, up from 15 in the previous year.