top 100 companies buckinghamshire limited 2015 a … · contents buckinghamshire’s top 100...

TOP 100 COMPANIES

Buckinghamshire Limited 2015 A vibrant local economy

Contents

Buckinghamshire’s Top 100 companies 2

Foreword 4

About Buckinghamshire Limited 5

Findings – headline results 7

Top 100 overview 8

Automotive and Motor Retail 10

Business Support Services 11

Food, Drink and Leisure 12

Healthcare and Education 13

Industrial and Manufacturing 14

Property and Construction 15

Retail and Wholesale 16

Technology 17

About Grant Thornton 18

Buckinghamshire Limited 2015 A vibrant local economy l Top 100 companies 1

Buckinghamshire’s Top 100 companies

3ML Holdings Limited5G Communications LimitedA.C. Entertainment Technologies LimitedAcorne PLCAllied Worldwide LimitedAquinna Homes PLCASM Metal Recycling Ltd.Avinity LimitedB.W. Aylesbury LimitedBarstone LimitedBeardow And Adams (Adhesives) LimitedBlue SKY Intermodal (UK) Ltd.Brian Currie (Milton Keynes) LimitedBroadways Stampings LimitedBuckingham Group Contracting LimitedCampion Willcocks LimitedCapital Cash LimitedCarewatch Holdings LimitedChildbase Partnership LimitedChoice Holdings (UK) LimitedClinimed LimitedCognita Holdings LimitedCornwall Garage (Group) LimitedDawsongroup PLCDayla Limited

Delgarth LimitedDescram Holdings LimitedDirektek Distribution LimitedE E & Brian Smith (1928) LimitedErcol Furniture LimitedEsri Holdings LimitedFocusrite Audio Engineering LimitedFoodnet LimitedFrancis Jackson Homes LimitedFrosts Garden Centre LimitedGirls’ Education Company,LimitedGlobal Infusion Group LimitedGoldmore Asset Management LimitedGrant & Stone LimitedGreentech Distribution PLCGroves of Thame LimitedHampden Holdings LimitedHOH Oilfield Services LimitedHurst Morris Associates LimitedHypnos LimitedID Medical Group LimitedInhealth UK Holdings LimitedInter MK Group LimitedInteract Medical LimitedJ N Fox And Sons UK Limited

2 Buckinghamshire Limited 2015 A vibrant local economy l Top 100 companies

Jardines (U.K.) LimitedLocal Car And Van Rental LimitedM & M (MK) LimitedMacintyre CareMaindec Computer Solutions LimitedMarshall Amplification PLCMilton Keynes Pressings LimitedMiura Systems LimitedMscm LimitedMtwom 1 LimitedNE Computing PLCNicholas King Developments PLCNiftylift LimitedOlive Communications Solutions LimitedOptima Investments LimitedOrange Genie Cover LimitedOrion Electrotech LimitedPeros LimitedPitacs LimitedPlatts Motor Company LimitedR.H.Amar & CO LimitedRanimul 1 LimitedRecruitment Investment Group LimitedRectory Homes LimitedRestaurants ETC Limited

RFE International (Group) LtdRice 2 LimitedRohan Designs LimitedSabre Retail Fashion LimitedScotco Restaurants LimitedSimon Elvin LimitedSLR Management LimitedSmith Construction Group LimitedSoftbox Systems LimitedSoftcat LimitedSorbon Homes LimitedSportif LimitedSunset (UK) LimitedTelegenic Holdings LimitedTelevision Systems Holdings LimitedThe APM Group LimitedThe Entertainer (Amersham) LimitedThe Practice Surgeries LimitedThe Turquoise Holiday Company LimitedTonroe Group LimitedTXM Recruit LtdVerco Office Furniture LimitedW.E.Black LimitedWilcox & Co.(Limousines)LimitedWyse Group Limited


Foreword

Buckinghamshire is thriving. There is much narrative about the ‘Northern Powerhouse’ economy broadly defined as the seam in the country between Manchester and Leeds, but the politicians need to take note of our county that has achieved 17% growth in turnover, 25.3% growth in profitability and 12% growth in employment.

Confidence is high and whilst there is some political and economic uncertainty with a more polarised political landscape, a pending EU referendum and a slowing Chinese economy, business leaders in the county remain determined and our report confirms that they are now, more than ever, able to cope with complex challenges and growth opportunities.

As the county continues to show strong employment growth, there does remain a concern as to whether the pool of talent that business leaders tap into is shrinking and offering the wrong type of skills. Education establishments and business leaders should continue to work together to ensure this doesn’t halt growth.

It is encouraging to see that growth is strong in both SMEs and their larger counterparts irrespective of sector demonstrating that this county has a recipe that lends itself to long term sustainable growth without any obvious exposure in particular sectors or business type.

Congratulations to each and every one of Buckinghamshire’s Top 100 companies who help to create this rich, vibrant and sustainable economy.

Giles MullinsDirector Grant Thornton UK LLP


About Buckinghamshire Limited

Compiled by financial and business advisers, Grant Thornton, Buckinghamshire Limited gives a unique insight into the performance of the Buckinghamshire business community.

Buckinghamshire Limited is part of an annual series of detailed business analysis by county, initiated by Grant Thornton. This report and the benchmarks it highlights have already become a key event in the county’s business calendar.

How Buckinghamshire Limited is compiledBuckinghamshire Limited is a study of the county’s 100 largest privately owned companies, based on turnover, who have their principal trading address in Buckinghamshire. The population excludes companies that are listed on a public stock exchange or owned by listed or overseas businesses, or by larger corporates located outside of the region.

The report is compiled using the most recent publicly available financial statements and the results are derived from the current and previous year’s financial performance of the 100 constituent members to allow a year on year comparison.

The aim of this analysis is to provide a yardstick against which the county can assess its economic performance and businesses can benchmark themselves against their peers.

Inevitably there is a time delay between the availability of the data used and the presentation of this report. Therefore the report covers the period where economic recovery was first recognised as being in full flow and the impact of changes in key commodity prices such as oil were being recognised for the first time.


The report gives a fascinating insight into how Buckinghamshire Limited has performed during these changing times and provides a snapshot of the health of the county’s economy as businesses in Buckinghamshire respond to the opportunities that lie ahead.

Following analysis of these 100 companies, eight sectors were identified to form the basis of this report:

• Automotive and Motor Retail

• Business Support Services

• Food, Drink and Leisure

• Healthcare and Education

• Industrial and Manufacturing

• Property and Construction

• Retail and Wholesale

• Technology

Results summary

CY £000

PY £000

Variance %

Turnover 4,368,300 3,730,693 17.1%

EBITDA 486,538 388,172 25.3%

Interest payable 116,977 109,348 7.0%

Average cost of capital 8.0% 7.8% 2.4%

Interest cover 4.16 3.55 17.2%

Gearing 1.45 1.58 -8.2%

Total employees 30,829 27,497 12.1%

Total employee remuneration 855,705 776,481 10.2%

Average remuneration (£) 27,756 28,239 -1.7%


Findings – headline results

The largest 100 privately owned companies in our Buckinghamshire Limited report range in turnover from £10m to more than £500m. This year there are 20 new entrants to the list. Collectively, these 100 businesses have had an excellent year, delivering turnover of nearly £4.4bn, an increase of over 17% and EBITDA of nearly £500m, a stunning increase of 25.3%.

This year’s result builds and accelerates on the trend seen over the previous two years. In addition to the headline result, a detailed analysis shows that growth has been delivered across the 100 companies rather than through a stellar performance from just a small number, with over three quarters growing turnover and 72 out of the 100 increasing profit, compared to only 61 last year.

Growth is also not just confined to the businesses with a turnover of £50m+ which make up 20 out of the Top 100. Whilst this group has performed strongly, particularly in terms of turnover, arguably the 28.6% increase in EBITDA of the sub £50m turnover group is even more impressive.

Employment of the Top 100 stands at nearly 31,000, a 12.1% increase over the previous year, which itself grew by nearly 8.0%. Interestingly, the average remuneration fell by 1.7% this year. Whilst this can be a function of business

mix within the Top 100, there still appears no evidence of wholesale wage inflation, which has clearly contributed to the significant profit growth.

The combined balance sheet of the Top 100 businesses remains healthy with a modest net investment in fixed assets, interest cover of more than 4.5 times profit and gearing of 145%. In simple terms, these businesses are primed for further growth and investment.

The following pages also set out some more detailed analysis of the Top 100 companies on a sector basis. Across the county the Top 100 comprises a broad spread of sectors which may in itself have contributed to the sustained growth over the last couple of years. Industrial and Manufacturing, Healthcare and Education and Business Support Services together account for just over half of the Top 100.


49%

Top 100 overview

£4.4bnT urnover:

T urnover range:

£10.8m £505m

T urnover range:

<£20m £20m – £50m

£50m – £100m

>£100m

31%

12%

8%

TOP 5 sectors by turnover

Technology

Healthcare and Education

Property and Construction

Industrial and Manufacturing

Business Support Services£486mEBITDA

72 companies increased EBITDA

1

2

3

4

5

companies inceased turnover77

TOP 5 sectors by number of companies


Retail and Wholesale

Business Support Services


Technology


20

Milton Keynes (26)

Milton Keynes (26)

SME Turnover growth

9.7%

57%

Large Corporates*

SMEs

Representof current turnover

Average remuneration

Remuneration decrease

Location of Top 100 High Wycombe (27)

Aylesbury (15)

Marlow (6)

Beaconsfield (6)

Other (20)

30,82912% increase on last year

Turnover growth

23.4%

Debt by 6.6%

EBITDA increase

23.9%

SME Debt by 5.4%

SME EBITDA increase

28.6%

*Large corporates are companies with turnover greater than £50m

27,756

1.7%


8

Automotive and Motor Retail

2015 saw a record number of new vehicle registrations, with dealer group turnovers rising quickly. As confidence in the market increases investment activity remains buoyant and this trend is expected to continue. Brand reputation, decent service, the right price and connected vehicle seem the route to pursue for future growth.The impact of recent high profile issues for vehicle manufactures is yet to be felt.

Malcolm GomersallPartner, Automotive

Total number of companies

Turnover increase

15.1%

Turnover

EBITDA increase 20.7%

£369m

Total number of employees: 1,217 Average remuneration per

employee increase by 1.3%

Total employee increase

5.2%

Total debt increase

7.9%Number of businesses in sector

1 6 1

Rental Motor dealers Commercial

EBITDA

£133m


16

Business Support Services

Mark ClementDirector, Advisory

Total number of companiesThe facilities management sector and key market players are

changing. Big players are diversifying and consolidating and large companies from other sectors are muscling in on the action. M&A activity is strong amongst smaller and medium-sized businesses. In recruitment, regulation is on the rise. Companies are evolving their approach to payroll, auto-enrolment issues and travel and subsistence claims. Quality large and mid-market recruiters are stealing a march on the competition. The sector remains resilient and is adapting to change by looking at improved systems and processes and focusing on the areas where their expertise lies.

Turnover increase

12.8%

Turnover

£542m

EBITDA

£32m

Average remuneration per employee decrease by

Employment growth12.7%

EBITDAincrease 35.9%

5.7%

4,549

Sector gearing68%

Change infixed assets

-16.5%


12

Sector gearing

140%

1

Football club

1

Night club

1

Traveloperator

Restaurant operators

2

Food and drink distributors

7

Food, Drink and Leisure

Consumers are demanding lower prices and finding new ways to shop, which is driving the big supermarkets to reassess their position and strategies. This is piling on the pressure for the whole supply chain. Growth exists for those that can stay nimble, take advantage of export opportunities, and who can meet the pace of consumer trends.

Ashley ClarksonAgricultural and Food Specialist


Turn

over

incr

ease

3.2%

Total number of employees

£347mTurnover

EBITDA £27m-8.0%


2,647

Number of businesses in

sector

EBITDA increase 17.7%

Employee increase 15.4%


HOSPITAL

14


Bill DevittRegional Head of Education

Total number of companiesHealthcare is a rapidly changing sector. Providers and

commissioners of healthcare face the challenges of rising public expectations, an ageing population, advances in medical technology and a continuing drive to achieve greater efficiency in the delivery of public services.In higher education, student loans have unlocked increased choice for students and growing competition between establishments. More than ever, universities and colleges need to attract new students by investing in branding. Elsewhere, further education has seen substantial budget cuts and mergers between colleges, while schools are discovering new opportunities for delivering education.

Turnover increase

10.9%

Turnover

£796m

EBITDA

£101m EBITDA increase

22.9%


14,832Employeegrowth12.2%

Debt increased by

7.1%

Number of businesses in sectorMedical supportservices

Education providers

Care services

7

4 3


17


From often being regarded as a bit of a forgotten sector, many businesses in industrial and manufacturing have enjoyed strong trading over the last couple of years as output and demand recovers. Those able to combine excellence in manufacturing with IP or technology have done particularly well. There has been significant M&A activity in this sector with many mid-market players being snapped up by US buyers.

Mike HughesDirector, Corporate Finance


Turnover increase

15.7%

Turnover

Total number of employees:

2,099 EBITDA growth6.7%

Employeegrowth

5%Averageremuneration

£37,

053

Number of businesses in sector

7

Manufacturers Transportation Other

EBITDA

£28m

£560m

5

Energy, materials and

recycling

2 1 2

Metal work


9

Property and Construction

Giles MullinsDirector, Assurance

Total number of companiesThe UK has continued to establish itself as a

favourite location for real estate investors. London is at the centre of investment and development opportunities, although other areas of the UK have also experienced significant inflows of funds. This, combined with a strong pipeline of large scale infrastructure and development projects, is driving growth in the sector.

Turnover increase

41.8%

Turnover

£570m

EBITDA

£65mAverage remuneration£51,488


815

Total

DEBTdecrease by

15.6%

Sector gearing 24%

EBITDA increase 45%

Employee growth 24%


12

Retail and Wholesale

The constant rise of the digital marketplace is making as many waves in the world of retail today as it did when people first began clicking and shopping. These days, customers increasingly use bricks-and-mortar shops as showrooms then go online to buy. To adapt, companies are becoming multi-channel retailers to link this customer experience. Smart businesses are improving their systems to ensure they capture this significant market shift and are beginning to meet national and international demand, and even thrive.

Fiona BaldwinPartner, Assurance


Turn

over

incr

ease

12.8%

Turnover


0.9%


3,022

£382m

EBITDA

£28m

Averageremuneration

£17,875

Total debt decrease

10.5%

NUMBER of businesses in sector

Toy retailer

Textile distributors

Petrol filling station

Garden centre

Clothing

Second-hand goods retailers

Electronic wholesalers

Employee growth 11.4%

EBITDA growth 34.5%

1 2

1 3

1

3 1


12Turnover increase

Total debt increase

17.2%

Technology

Dominic PrestonHead of Innovation

Total number of companiesThe world of technology never stands still and

neither do the businesses within it. With rapid change comes opportunity. Business models are changing with financing being more readily available, M&A activity is increasing, governments are offering incentives to attract businesses and there is fierce competition for good people. For those who are agile enough to take advantage, growth is accelerating.

Turnover

£799m

EBITDA

£70m

1,648

23.3%

Average remuneration

£52,346

TOTAL NUMBER OF EMPLOYEES

57%Sector gearing

EBITDA growth 26.4%

Employee growth 16.5%


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