Home   Business   Article

Subscribe Now

Cambridgeshire’s top 100 companies in 2023 revealed – along with 50 most profitable and 50 fastest-growing




Cambridgeshire’s top 100 privately-owned companies in 2023 have been revealed - and their annual turnover has risen to £9.5billion.

This is up 17.25 per cent on the previous year, according to Grant Thornton, which compiles the annual Cambridgeshire Limited report.

At a glance - Cambridgeshire Ltd 2023. Graphic: Grant Thornton
At a glance - Cambridgeshire Ltd 2023. Graphic: Grant Thornton

The report also reveals the 50 most profitable private businesses, the 50 fastest-growing companies and the top 25 international contributors.

It demonstrates how the county’s leading businesses have thrived in spite of a period of inflationary pressures and global macro-economic challenges.

Compiled using the most recent publicly available accounts, as of October 16, the report excludes companies that are listed, owned by listed businesses, schools, trusts, charities, and businesses that are subsidiaries of overseas companies. AstraZeneca is excluded from the analysis because its huge size would have a disproportionate impact.

Topping the top 100 is Marshall of Cambridge, followed by BGL, the financial services group based in Orton Southgate, Peterborough, which beats Marshall to top spot in the ‘most profitable’ list.

Family-owned farming business G’s Group is third in the top 100 (and the 11 the most profitable), with motor retailer Vindis Group and Cambourne-based agronomy and crop production business Pro Cam Europe making up the rest of the top five.

Cambridge Science Park-based Napp Pharmaceuticals, Orton Southgate-headquartered clothing retailer AK Retail Holdings and TWI, the engineering, research and technology business on Granta Park, complete the top five most profitable list.

James Brown, partner at Grant Thornton UK LLP, said: “The businesses profiled in this report are exemplars, setting a path that should inspire others. It’s particularly encouraging to see the wide geographical spread that is driving much of the prosperity and innovation across Cambridgeshire.

“Whatever challenges and opportunities are on the horizon for the county, this year’s Limited report should give businesses and would-be investors here confidence that the county is well prepared to take them on. It’s an area with an abundance of knowledge, skills, academics, and resources with an ability to become ever more agile, efficient, and dynamic as we enter 2024.”

A map of the Top 100 Cambridgeshire companies. Graphic: Grant Thornton
A map of the Top 100 Cambridgeshire companies. Graphic: Grant Thornton

And all six local authority areas within Cambridgeshire and Peterborough are contributing. Peterborough has the highest number of companies in this year’s report with 30, generating £1.94bn in turnover, ahead of South Cambridgeshire, with 20 companies generating £1.02bn.

The number of companies by district in the Top 100 Cambridgeshire companies, based on turnover. Graphic: Grant Thornton
The number of companies by district in the Top 100 Cambridgeshire companies, based on turnover. Graphic: Grant Thornton

Cambridge has 12 in the top 100, but these generate by far the highest turnover - around £4bn - largely thanks to the £3.34bn from table-topping Marshall of Cambridge.

The top 100 covers a turnover range down to £16m.

The location by district of companies in the Top 100 Cambridgeshire companies, based on turnover. Graphic: Grant Thornton
The location by district of companies in the Top 100 Cambridgeshire companies, based on turnover. Graphic: Grant Thornton

Growth in profit, based on earnings before interest, taxes, depreciation and amortisation (EBITDA), has remained quite stable at 1.5 per cent.

That was the lowest in the Eastern counties profiled in the Limited report series, but is affected significantly by the results from the top two companies. If they are excluded, earnings were up 29 per cent, with strong performances in the sectors of industrial products (up 65.6 per cent) and service (up 39.1 per cent).

There was a 0.8 per cent growth in the number of total employees to 32,607, and a below-inflation rise in average salaries of 3.5 per cent which Grant Thornton noted was a demonstration of the challenges employers are facing to control costs in difficult times.

At a glance - Cambridgeshire Ltd 2023. Graphic: Grant Thornton
At a glance - Cambridgeshire Ltd 2023. Graphic: Grant Thornton

Nonetheless, there were signs of continuing investment, with fixed assets up 13 per cent this year.

Simon Smeeth, owner of Wisbech-based Shire Garden Buildings, which was 74th in the list, said: “The last few years have been really challenging with obstacles such as rising interest rates out of our control. However, as a family-owned business we take a longer-term strategic view and continue to invest and diversify our business.

“For example, as a timber-based business we’re turning our waste product into wood shavings ideal for use as animal bedding. This has meant upfront investment in machinery however will provide an eco-friendly revenue stream in the long term.”

How Cambridgeshire companies to the rest of East Anglia. Table: Grant Thornton
How Cambridgeshire companies to the rest of East Anglia. Table: Grant Thornton

Eddie Latham, co-founder of Velocity Commerce, which was 60th in the top 100, added: “Having been pioneers in a high growth market, we have had to continue to evolve in a fast-changing ecommerce world by repositioning ourselves and focussing on the areas where customers place value. We have continued to invest heavily in technology and systems to improve efficiency and maintain our competitive advantage.”

Cambridge Independent’s family-owned, independent publisher Iliffe Media again made the list, in 95th.

Meanwhile, in the profit table, there are strong performances from Cambridge Design Partnership (6th), Raspberry Pi (7th), Bidwells (8th) and Pro Cam Europe (9th).

Adrian Dickens, CEO of Adder Technology, which was 16th in the profit table, said: “Being privately owned often means Adder is much more agile than investor driven businesses. It’s important that we implement improvements where lessons are learned, and at the appropriate pace. Continuous improvement is at the core of our business philosophy.”

The table of top international contributors were headed by Illumina, Qualcomm and Arm, while the Ones to Watch list, which highlights those with the highest profit growth, is topped by AIIC Holdings, the holding company behind leading independent law firm Taylor Rose MW. It increased turnover by 163 per cent, largely due to growth through acquisition.

In terms of sectors, consumer businesses had the highest representation in the list, with 26 entrants, although industrial products ranked the highest in terms of revenue generation (£4.3bn), thanks largely to Marshall, which increased its pro-rated turnover by 34 per cent compared to the previous year.

The full report can be downloaded at bit.ly/3Rwf9Ja.



This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies - Learn More