Penny Hydraulics Named in East Midlands Top 200
We were presented with the award this morning by John Bryant and Paul Kithoray of Grant Thornton.
The report, led by Grant Thornton in conjunction with CBI, HSBC and Macildowie identifies the fastest-growing companies in the East Midlands and explores the dynamism of the region. There are over 150,000 registered businesses across the East Midlands, so being named in the top 200 is a real achievement that we are proud of!
The top 200 companies have a lot to be proud of, including 30% average annual profit growth, a combined turnover of £18.6bn, and providing employment to almost 68,000 people.
Commenting on the East Midlands Top 200 Report 2019, Mark Pashley, Director at Grant Thornton’s East Midlands regional office, said: “The 200 businesses making it onto our list this year are a great example of what the East Midlands has to offer.
“The local economy is strong and in great shape to support fast-growing businesses, with 91 of the top 200 being new entrants that haven’t appeared on the list in previous years.
“Whilst our Top 200 have grown profits by an average of 30 percent, down slightly from 35 percent reported last year, their turnover growth is 12.7 percent from around £13bn to £18.6bn, and have made a large increase in total employment numbers up to 68,055, reflecting a trend of a number of larger businesses making it into this year’s report. Around three-quarters of the Top 200 continue to be small and medium-sized businesses, which are the powerhouses of the East Midlands economy, and are drawn from a very broad range of market sectors and industries, further emphasising the region’s diversity and durability.”
He adds: “The UK has faced continued political uncertainties over the past few years surrounding its potential exit from the European Union and now the election of a new Prime Minister. Our data shows how resilient East Midlands businesses are, as they continue to make positive decisions with cautious optimism, helping to drive the regions’ prosperity.”
Industrial and manufacturing
This sector has seen the strongest level of profit growth in the period, however, the number of companies on the list has reduced to the lowest number in the seven years of producing our report. Whilst there is a smaller pool this year, it is clear that these businesses are at the top of their game, using innovation to drive the growth in what can be classed as modern manufacturing businesses. The companies in this sector have seen a 13.7% annual turnover increase.
From our discussions with businesses in the sector, the uncertainty around Brexit is hindering businesses from defining their long term strategy. Nevertheless, there are many examples of businesses that are “getting on with it”, despite the political goings-on at Westminster.
The recent CBI Industrial trends data suggests there is a mixture of activity in the sector and that the skills gap is still the biggest barrier to growth. There is a strong view that the apprenticeship levy requires review by the Government sooner rather than later to ensure the skills gap is closed over the medium to long term. A recent report by Make UK, an industry body, stated that 95% of manufacturers want to see the flexibility of the levy increased to meet the requirements of a modern manufacturing business.
“To be named in the East Midlands Top 200 is something that the Company is very proud of” says Robin Penny, Managing Director of Penny Hydraulics. “Like many businesses in the region, we have faced a unique set of challenges due to external factors that we cannot control. However, our team has worked hard to tighten our processes, control costs, win business and to plan for the future have had positive results as proven in this report”.
Penny Hydraulics will continue to work hard throughout 2019 /2020 to hit company objectives and to drive the business forward.