Four firms recognised for fastest-growing profits
Four businesses in the region have been named in a league table which ranks Britain’s private companies with the fastest-growing profits over their last three years – largely before Covid-19 struck.
Telford-based Northwood, Wolverhampton-based Task Consumer Products, Dudley-based Dartmouth Global Trading and Stafford-based EU Automation have been named in the 22nd annual Sunday Times BDO Profit Track 100 league table.
Hygiene product manufacturer Northwood, ranked 30th, saw profits grow 70 per cent to £3.9 million. The firm invested in machinery to allow it to produce 200,000 surgical masks daily in Spain.
Toilet paper manufacturer Task Consumer Products, ranked 33rd, saw profits grow 69 per cent to £3.8 million. Its sixth 24/7 production line entered service in 2020, increasing capacity to 80,000 tons of paper a year.
Metal recycling firm Dartmouth Global Trading, ranked 40th, saw profits grow 61 per cent to £6.1 million. The family firm specialises in recovering metal from the ash at the bottom of incinerators.
Machine parts supplier EU Automation, ranked 42nd, saw profits grow 60 per cent to £8.6 million. It opened a distribution centre in Frankfurt to mitigate against the impact of Brexit.
In total, 10 companies headquartered in the Midlands have won places on the league table, including eight new entrants. These regional firms have grown their operating profits by an average of 64 per cent a year over the last three years to a total of £93 million, and together they employ more than 2,100 people.
The companies in the Midlands appear alongside well-known British brands based across the UK including Thatchers Cider, the Somerset cider-maker, and Brompton, the London-based bicycle manufacturer.
The Profit Track 100 league table is sponsored by BDO, Santander and UBS Wealth Management, and is compiled by Fast Track, the Oxford-based research and networking events firm.
Richard Rose, tax partner at BDO, said: “These ambitious, entrepreneurially-spirited businesses punch well above their weight and are vital for the UK economy; they invest and this investment also creates jobs.
"As the vaccine programme continues to be rolled out and lockdown restrictions are eased, high-growth businesses like these must have adequate support. We are pleased to see the range of business support measures in this year’s Budget.
"Developing and strengthening our innovation-focused economy is crucial and these businesses will play a key role in the UK’s wider economic recovery post-pandemic.”
