Partly Cloudy

Partly Cloudy

max temp: 23°C

min temp: 14°C

ESTD 1874 Search

The pigs have arrived. See the latest

Pigs Gone Wild

news here.

Essex: County’s top companies defy the recession

06:00 04 December 2012

James Brown of Grant Thornton

James Brown of Grant Thornton

Archant

ESSEX’S leading companies have remained strong in the face of persistently harsh trading conditions across the UK and worldwide, according to a report published today.

Details of the annual Essex Ltd survey of how the 100 largest companies based in the county have performed over the past year, produced by accountants and business advisers Grant Thornton and Essex law firm Birkett Long, will be revealed at a breakfast seminar for business leaders being held at the Stock Brook Country Club near Billericay,

Essex Ltd, which was launched for the first time last year, provides an in-depth financial analysis of the county’s 100 largest companies which are both owned and managed within Essex.

The 2012 report showed Essex Ltd’s constituent members managed to hold on to and slightly increase gains made in the previous year on sales and operating profits while employment grew significantly, indicating that businesses are preparing for improved trading conditions.

The study was based on the latest company accounts available and so relates mainly to a period in which the UK was still in recession, with few signs of growth, amid on-going economic turmoil at home and abroad.

Annual turnover among the top 100 companies increased by 2.4% from £7.69billion to £7.87bn, while operating profit grew by 0.5% from £287million to £289m. Essex Ltd also increased its combined workforce by 9%, from 51,413 employees to 56,112.

The Essex Ltd report also includes a breakdown of the financial data by sector. Retail and Wholesale Distribution remained the largest sector by turnover, contributing 31% of Essex Ltd total sales. Manufacturing saw the largest increase in sales, 29.5%, a substantial achievement considering the sector had near zero growth the year before.

Transport and Property & Construction also noticeably grew turnover by 15.7% and 14.6% respectively. However Motor Retail saw a fall in sales of 23% and Services a drop of 16%.

James Brown of Grant Thornton said: “Essex Ltd has continued to respond well to difficult trading conditions and it is reassuring that the dramatic improvement in results seen last year has been consolidated in this year’s performance.

“There are encouraging indications that Essex Ltd is working hard to retain sales and profitability while also preparing for improved trading conditions.”

Tracey Dickens, head of commercial and corporate finance at Birkett Long, added: “The results of this year’s survey reflect the positive stories we are hearing from businesses across the county.

“Essex Ltd’s annual turnover grew by 2.4% which is more than twice as much as the UK’s latest GDP growth, demonstrating the strength of our county’s economy and that Essex businesses will be well placed to make the most of growth opportunities as they arise.”

0 comments

ATOL is there to protect holiday makers should anything go wrong

Did you know that the Civil Aviation Authority has tightened rules over reporting on the returns of ATOL registered travel agents to better protect holidaymakers?

According to figures released by The Insolvency Service, more than 400 people declared insolvency in Ipswich last year.

Ipswich had the seventh highest personal insolvency rate in the country in 2015, with hundreds of people unable to pay their debts.

A GlaxoSmithKline (GSK) flag near Irvine in Scotland, as GSK brushed aside Brexit jitters and announced that it is pumping £275m into its three UK manufacturing sites, dubbing the UK an

GlaxoSmithKline has brushed aside Brexit jitters and announced that it is pumping £275m into its three UK manufacturing sites, dubbing the UK an “attractive location”.

Stuart Parish, managing director, Travel Weekly Group; Laurence Hicks, managing director of sponsor Wendy Wu Tours; Jeanne Lally, Travel Bureau Gosforth; Renford Sargent, Premier Travel; Roddie MacPhee, Barrhead Travel; Lucy Huxley, editor-in-chief, Travel Weekly Group.

The chairman of East Anglian travel agent Premier Travel has been honoured with a prestigious lifetime achievement industry award.

Filming for the new BBC comedy drama 'Detectorists' in Framilngham. Mackenzie Crook on the set.

Film firm which has worked on Star Wars, The Apprentice, BFG and Jason Bourne films hopes to bring blockbusters to Suffolk

HOT JOBS

Show Job Lists

Most read

Most commented

Topic pages

Streetlife

Newsletter Sign Up

Sign up to the following newsletters:

Great British Life

Great British Life
MyDate24 MyPhotos24