Lincolnshire transport and logistics business Freshlinc Group has grown profits faster than any other business in the East Midlands, according to a new report published today (9th May 2018).

It has taken the number one position and is one of three Lincolnshire businesses in the top ten of The East Midlands Top 200 Report 2018*, which, now in its sixth year, is produced by the regional office of financial and business advisers Grant Thornton UK LLP in partnership with the CBI.

According to Grant Thornton’s analysis, profit at the Spalding headquartered Freshlinc Group has grown at a faster rate than any other East Midlands business since 2014, with the business rising more than 100-places from 117th position in last year’s Report, to take the top, number one spot on this year’s Report.

Freshlinc Group specialises in total supply chain management of temperature controlled fresh, chilled and horticultural products across the UK and Europe. It has five operating divisions including the traditional haulage business DirectLinc, and supply chain resourcing company Top Up Resources.

Joining Freshlinc Group in the Report’s top ten are county businesses Branston (4th place) and Robsons of Spalding (10th), whilst making the top twenty are Boss Cabins (14th) and KDH Projects (16th).

Overall, Lincolnshire companies take 36 of the 200 places on the 2018 Report, together show a 34.7% average adjusted profit growth rate, an 8% rise in employment, and have a total 6,239 employees. Top market sectors for the county are Agriculture Food & Drink, Property & Construction, and Business Support Services.

Commenting on Freshlinc Group being named number one for profit growth in the East Midlands, its Operations Director Lee Juniper, said: “Since 2013, we have made a significant change to management and focus, to enable us to provide highly efficient solutions to multiple customers. 

“The culture, self-belief and determination of our team has allowed us to grow and become well respected in our sector, and the introduction of advanced technologies across our entire business has definitely contributed to Freshlinc’s growth, alongside our service, flexibility and willingness to challenge existing methods of working. Investment in technology will always be at the forefront of maximising our future growth, along with the right people joining our business as it expands.”

Based across Lincolnshire, Leicestershire, Nottinghamshire and Derbyshire, the 200 businesses named on the 2018 Report operate in a range of sectors - Industrial & Manufacturing (23%), Agriculture, Food & Drink (23%), and Business Support Services (21%), with the remainder from Wholesale (13%), Retail & Leisure (10%), Property & Construction (5%) and Transport & Logistics (5%).

They have grown profits by an average 35% and employment by 8%, together provide over 48,000 jobs across the East Midlands, have a combined annual turnover of £15.3 billion, show an average 14% growth in annual turnover, an average operating profit of £1.8 million, and profit margin of 12%.

Commenting on the East Midlands Top 200 Report 2018, Mark Pashley, Director at Grant Thornton’s East Midlands regional office, said: “The 200 companies making it onto our list this year are a great example of what the East Midlands has to offer, and showcase the strength of our local economy. They show that overall, the East Midlands continues to perform strongly for business growth compared to the rest of the UK.

“Freshlinc’s growth in profits is clearly significant, and based on our analysis, has taken it from 117th place in 2017 to rise to the top and take the number one position on this year’s Report – an impressive performance.”

He adds: “This year’s Report ranks the region’s businesses on their profit growth from 2014 to 2017, to give us the most insightful snapshot of the health of the East Midlands economy. This year, over a third of the Top 200 also appeared on the 2017 list and includes five* companies that have appeared on the Report five out of its six years since 2013, demonstrating not only their impressive performance but also expertise in achieving sustainable growth in profits.”

The CBI’s Richard Blackmore, Regional Director - East Midlands, comments: “The East Midlands economy continues to be the fastest growing outside of London in the UK and this year’s Top 200 Report reflects this.  The top 10 companies highlight the diversity of the East Midlands with logistics, construction, manufacturing and the financial sector all represented.

“It is now important that businesses in the region are given the opportunity and support to continue investment, innovation and the upskilling of employees and they will be looking for the governments industrial strategy to help deliver this.”

Mark Pashley adds: “Once again, this year’s Report shows the region has a vibrant mix of dynamic companies, supporting the fact the East Midlands is a brilliant place to work, live and do business, factors that were highlighted in Grant Thornton’s recent Vibrant Economy Index**. The East Midlands is rich in opportunity, particularly for improving its economic performance in terms of its prosperity from wealth and job creation, and its entrepreneurial skill set will play a significant role in driving future growth for the regional economy.”

The East Midlands Top 200 Report analyses the financial performance of the 200 businesses in Derbyshire, Leicestershire, Lincolnshire and Nottinghamshire that have delivered the greatest, sustained profit growth between 2014 and 2017, to provide the region’s only in-depth study into the East Midlands’ fastest growing companies by key sector and performance indicators, and deliver a barometer of overall economic performance.

For more information about The East Midlands Top 200 Report 2018, contact Renata Slavinskyte, Tel: 0116 257 5989, email: [email protected]