Vertas Group Limited’s impressive revenue growth of 34% sees the group move up to number 22 of the top 100 in the Suffolk Limited Report 2019.
Ian Surtees MBA FIoD, Chief Executive Officer of Vertas Group Limited says: “The group’s revenue has increased from circa £51m to circa £69m and this is accompanied by an increase in profitability, from £1.79m to £2.19m, a rise of 22% year on year. We’ve achieved these successes through acquisitions, organic growth and diversifying our services to provide a total facilities management offering. We’ve also extended out of East Anglia and secured national clients, operating from Cornwall to Scotland. We continue to put clients and colleagues at the heart of everything we do and we have ambitious plans for the future.”
What is Suffolk Limited?
Suffolk Limited is part of an annual series of business analysis by county initiated by Grant Thornton in partnership with Birketts LLP, which provides an in-depth financial analysis of the county’s 100 privately owned companies based on turnover.
Now in its 18th year, Suffolk Limited is compiled annually by Grant Thornton UK LLP in partnership with Birketts LLP and provides a yardstick against which Suffolk can assess its economic performance.
Suffolk Limited 2019 has been compiled using the most recent publicly available accounts, as at 4 October 2019, and is based on those businesses which are both owned and managed within the county. Turnover is up 7.2% on last year’s figure to £5.6 billion, with just under 70% of the Top 100 companies reporting turnover increases.
Employment figures and average wages in the Top 100 companies have also seen significant growth, implying improved productivity given the increases in turnover. Employment has risen 7.8% to 35,964, and the average wage has increased by a staggering 14%, from £24,989 to £28,604.
However, while some companies have performed strongly others are facing more challenging times. Operating profit has fallen by 2.5%, with only 54 companies increasing profits before tax, although this could be down to an increase in employment across the county, with an increase in headcount of 7.8% to 35,964.
Quote from Grant Thornton on Suffolk Limited 2019 results Rob Thomson, director and East Anglia tax lead at Grant Thornton, commented:
“Many Suffolk businesses have quite rightly focused on retaining their talent as well as increasing their workforce which, as we’ve seen, has helped to drive topline growth forward. However, an increased Suffolk Limited headcount and rise in average wages (by 14% to £28,604) has had an impact on profitability.
“Overall, businesses in Suffolk are performing well in an uncertain market and are showing great skill, resource and commitment to deliver dynamic growth. Despite a more mixed performance this year, it is right to celebrate the tremendous achievement of the Suffolk business community in delivering yet another set of solid results.”