Northamptonshire’s top 100 businesses continued to bounce back from the challenges of COVID-19 in 2022 to achieve a 14.5% year-on-year increase in turnover, according to new data from Grant Thornton UK LLP.
The leading business and financial adviser’s annual Northamptonshire Limited report found that the top 100 companies* in the county achieved a combined turnover of £9.1 billion this year.
The growth is in stark contrast to the 2021 report which saw a decrease of 2.5% in turnover on the previous year, as the impact of COVID continued to present trading challenges.
Profits were also up across the county’s top businesses in 2022, with Grant Thornton’s analysis revealing a 43% increase in combined EBITDA to £568 million year-on-year.
The Northamptonshire Limited report provides an annual review of the county’s most successful businesses as measured by annual turnover. The businesses included in the report have a turnover range between £17 million and £1.2 billion and collectively employee 43,921 people across the county.
The county’s food and beverage sector achieved the highest overall turnover at £3.1 billion but was among the lowest growth at 4% due to the longer-term impact of the pandemic on this sector.
The property and construction sector saw the highest growth (39.9%) to hit a combined turnover of £1.7 billion. The sector is also noticeably continuing to navigate the challenges of rising input prices.
Freight and Logistics businesses saw the most sluggish growth in turnover at 0.9%. Many of these businesses were net beneficiaries during the pandemic, and therefore had a higher bar to clear in terms of turnover performance.
Twenty-six (26) new businesses joined the top 100 in this year’s Northamptonshire Limited report. This was driven by a number of notable acquisitions of the 2021 top 100 cohort.
Many of the new entrants performed well during the past year, with international fresh food business Avara Food Holdings achieving the county’s highest turnover and taking the number one spot from construction contractor Winvic Group Limited.
Ryan Shields, Director at Grant Thornton UK LLP across Northamptonshire and Milton Keynes, said:
“The Northamptonshire Limited report gives us an opportunity to assess how the county’s economy has fared over the past year by analysing the wealth created, retained and re-invested by key business decision makers.
“We can see that Northants’ leading companies have bounced back from a decline in turnover recorded in our 2021 report to achieve a significant increase in revenues and an impressive 43% rise in profitability. Against a backdrop of continued political and economic instability this is welcome progress.
“Through our work with leading companies across Northamptonshire we’re seeing first-hand how the county’s businesses are investing in their agility and resilience. The panel of local business leaders we discussed the report with provided key insights into the challenges and opportunities they are facing with a real focus on businesses culture key in attracting and retaining talent in a competitive employment landscape.”
“While there are many challenges on the horizon – not least access to talent and an increasingly high bar for measuring and managing ESG initiatives – the findings of our Northants Limited report is cause for confidence that the county’s businesses are well prepared to meet the current cost-of-living and inflationary pressures.”
