Suffolk’s leading companies have grown their pre-tax profits by more than a quarter in the past year, according to an annual report on how the counties 100 biggest firms are performing.
Grant Thornton’s Suffolk Limited report, now in its 13th year, is based on a composite set of accounts compiled by the accountancy and business advice firm from the most recent annual returns filed by the 100 largest businesses, ranked by turnover, with their head offices in Suffolk.
The underlying performance, excluding the 10 companies which have dropped out of this year’s list and those which have replaced them, was even stronger, with turnover up 4.9% and operating profit up 17.5%.
James Brown, practice leader for Grant Thornton in Suffolk, said Suffolk Limited companies had tended to keep faith with their employees during the recession and this was now bearing fruit.
The growth of the past year had also been achieved without any increase in gearing, indicating the investment was being funded out of cash stored up during tougher times.
“It is not often the balance sheet is more exciting than the profit and loss,” he added. “Interest cover is nearly eight times, and there are not many counties that can say that at a time when we are still coming out of recession.