Firms fly flag for Yorkshire in fast-growth profit rankings
Six Yorkshire companies have made it onto a league table which ranks Britain’s private companies with the fastest-growing profits over three years.
The six companies headquartered in Yorkshire, compared to seven last year, include four new entrants to the Sunday Times BDO Profit Track 100. Together they employ 6,000 staff and have achieved combined profits of £114m.
Featuring for the second time is Leeds-based PureGym, which operates 200 gyms and offers low-cost membership with no fixed-term contracts. In November last year, chief executive Humphrey Cobbold led a buyout backed by US private equity firm Leonard Green & Partners, which acquired a majority stake.
The deal valued the group at more than £600m. Profits grew by an average of 69% a year to £37.1m in 2017.
Sheffield-based Cooper & Turner joins the league table as a new entrant this year. The group manufactures industrial fasteners, such as industrial bolts, nuts and washers, in Sheffield, China and the US.
In August last year, chief executive Tony Brown led a buyout backed by US private equity firm Watermill Group, which acquired a majority stake for an undisclosed sum. Profits grew by an average of 57% a year to £9.2m in 2017.
Furniture supplier Symphony, based in Barnsley, made the list with profits of £18.7m, featuring alongside engineering firm NG Bailey, kitchen manufacturer Ultima, and healthcare software developer TPP.
The companies in Yorkshire appear with businesses from around the UK, including domestic appliance designer Gtech, sandwich shop chain Pret A Manger, and online retailer The Hut Group. Despite cost pressures caused in part by the fall in value of Sterling, all 100 companies increased sales and average profit margins rose from 8% to 15%.
Terry Jones, partner and head of Yorkshire at BDO, said: “These high-growth, high-energy and highly-entrepreneurial companies will be the difference between success and failure in our post-Brexit economic future. These businesses are playing their part by recording strong levels of revenue and profit growth and by creating jobs. We’d like to see the Government do more to help them by focusing on skills, infrastructure investment and tax simplification.”
The league table and awards programme is sponsored by BDO and UBS Wealth Management, and is compiled by Fast Track, the Oxford-based research and networking events firm.
