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Profits surge as Gloucestershire’s top businesses bounce back from economic challenges

Gloucestershire’s top 100 businesses have soared back from the challenges of recent years to achieve a combined 55% year-on-year increase in EBITDA, according to new data from Grant Thornton UK LLP.

The leading business and financial adviser’s inaugural Gloucestershire Limited report, unveiled this month, analysed the county’s top performing 100 companies. This revealed a significant increase in total EBITDA (earnings before interest, taxes, depreciation, and amortisation) to £622.2m. The report also found that these companies achieved a combined turnover of £5.4 billion this year, a 34% increase compared to 2022.

The Gloucestershire Limited report provides a review of the county’s most successful businesses as measured by annual turnover. The businesses included in the report have a turnover ranging between £16.8million and £346.3 million and collectively employ 25,792 people across the county.

Standout companies in this year’s report include Green Britain Group Limited, which ranked number one among the Top 100 by turnover. This sustainability focused firm, led by Dale Vince OBE, has achieved significant growth recently, particularly within its green energy supply business.

The company to achieve the largest increase in EBITDA was the investment holding business Last Mile Infrastructure. The Stonehouse-based firm, which designs, builds, owns, and operates utility infrastructure in the UK, saw £14.8m growth in EBITDA.

The county’s business support services sector achieved the highest overall revenue at £1.4 billion, which is a 20% increase on the previous year. Gloucestershire’s top performing businesses in this sector include (in descending order) Airline Investments Limited, Howard Tenens Limited, and BRG Technologies Limited.

The consumer sector was a close second, with overall revenue at £1.3 billion, which represented a 39.1% year-on-year increase. This growth was achieved thanks to businesses such as Dopano Limited (which trades as Cotswold Motor Group), Dairy Partners Limited, and Creed Catering Supplies Limited.

The healthcare sector grew its EBITDA by an impressive 125%, a figure which was driven by the success of companies such as Spectrum Medical Group. This medical device business increased its revenue and EBITDA by 74% and 198% respectively due to high demand in North America and following the global launch of new products.

Nick Jones, Corporate Finance Director at Grant Thornton UK LLP, said: “The inaugural Gloucestershire Limited report provides a great opportunity to review the county’s top performing businesses. With so many challenges in recent years, ranging from the pandemic to the cost-of-living crisis, supply chain issues and inflation, it’s reassuring to see that businesses are in robust health and that there’s significant growth across a variety of sectors.

“The increases in turnover outlined in the report mirrors the optimism we’ve seen across the wider South West in our Business Outlook Tracker survey, which recently found that more than two thirds (68%) of the region’s business leaders are optimistic about their revenue growth, and almost three quarters (74%) didn’t think inflation would impact them moving forward.

“The report’s results are a testament to the resilience and entrepreneurial creativity that can be found in this county. While there are many challenges still on the horizon, these findings give us a lot of confidence in the ability of Gloucestershire’s business leaders to remain agile, resilient, and ambitious.”

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Grant Thornton has analysed Gloucestershire's top 100 performing businesses in its new report

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Grant Thornton UK LLP’s Gloucestershire Limited 2023 report is based on the sum of the trading results and financial information for the top 100 privately owned companies in Gloucestershire as measured by reported sales and EBITDA. Companies whose management and ownership lie outside of the county are excluded.  About Grant Thornton UK LLP Grant Thornton is one of the world’s leading organisations of independent assurance, tax and advisory firms. We are an adviser that delivers technical expertise and a personal, proactive and agile service that goes beyond. The UK member firm is part of a global network that employs 58,000 people in 135 countries. We combine global scale with local insight and understanding to build relationships and deliver the services you need to realise your ambitions. The UK Grant Thornton member firm is led by over 200 partners and employs over 5000 of the profession’s brightest minds. We are a business adviser that celebrates fresh thinking and diverse perspectives to bring you proactive insights and a service you can trust. Find out more at www.grantthornton.co.uk @GrantThorntonUK © 2023 Grant Thornton UK LLP. All rights reserved.  ‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton UK LLP is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate, one another and are not liable for one another’s acts or omissions. This publication has been prepared only as a guide. No responsibility can be accepted by us for loss occasioned to any person acting or refraining from acting as a result of any material in this publication.

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