Province's top 100 weather the storm
NORTHERN Ireland's top companies have succeeded in boosting their performance by 17 per cent despite the ongoing impact of the recession, it emerged yesterday.
The annual survey carried out for Ulster Business magazine revealed that the top 100 firms in the province had a combined turnover of 22 billion in 2010 up from 18.1bn the previous year, despite 16 of the firms reporting a post tax loss.
Now in its 22nd year, the annual survey was produced by financial analysts Dun & Bradstreet and provides a snapshot of the Northern Ireland economy from the latest available company accounts filed at Companies House.
Total profit stood at 795m, reflecting an overall profit margin of 3.6 per cent and while that was up on the 1.9 per cent recorded last year the figure remains well below the 5.8 per cent margin in the 2008 list and the 6.5 per cent generated in 2007.
Energy group Viridian – which last month announced it is to sell NIE to ESB - topped the survey once again, while many of the places in the top 10 were filled by familiar names including Glen Electric, FG Wilson and Bombardier Shorts. Quinn Group also remains high on the list as its figures pre-date the recent difficulties at Quinn Insurance.
“While it is clear that the recession has taken its toll on some of Northern Ireland’s leading firms, the figures on which the Top 100 list is based show that the majority of our largest businesses proved to be quite resilient during the downturn,” said Ulster Business editor Symon Ross.
“Overall turnover and profits of the Top 100 have risen and, while some further pain is likely to emerge in this year’s accounts, it is encouraging to see that a range of companies – for example Almac, AES Kilroot, Norbrook Laboratories and Northgate Managed Services – have maintained strong profit growth in the period covered.”
The listing confirms that local manufacturing and construction firms have felt the effects of the recession most acutely. However, manufacturing remained Northern Ireland’s largest sector, with 38 companies on the list, while construction accounted for 19 firms, and energy businesses 13.
Jonathan Cushley of Dun & Bradstreet, which carried out the survey on behalf of Ulster Business said: “We reported last year how the potential impact of the credit crunch was lagging in Northern Ireland and that we would expect to see the 2009/2010 balance sheets of our top companies being adversely effected.
“This, however, has not been the case and raises a question as to whether there is potential for a significant impact still to be felt further down the timeline.”
One firm that has showed continued growth in the tough economic climate is the Newtownabbey-based Henderson Group, which climbed from seventh to sixth on the list after increasing turnover to 507m from 456m in the year.
“Last year was a very satisfying year for us and it is great to see that reflected in us moving up one place in the Top 100. All parts of our business performed well through the year,” said sales and marketing director Patrick Doody.
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