'A tightening of margins': Profits fall by £315.7m among Northern Ireland’s largest companies as Top 100 list is revealed
Pilgrim’s Europe – the poultry giant which formerly traded as Moy Park – claims the top spot with nearly £2bn in turnover, as Mallaghan, MJM Marine, and Shelbourne Motors make their debut
Northern Ireland’s biggest businesses have seen profits fall by 17.5% while sales remain flat, Ulster Business can reveal.
The Ulster Business Top 100 Northern Ireland Companies 2025, in association with Ryan, charts the success stories of our largest businesses – ranked by turnover, utilising data from the latest accounts filed to Companies House in the UK.
This year, combined sales fell slightly, by £3m – dropping to £34.966bn.
Now in its 38th year, Northern Ireland’s longest-established listing of company performance provides key insights into the performance of companies, either Northern Ireland registered or where a significant proportion of their business is transacted here.
“For only the second time since analysis began, turnover/sales has remained flat,” Jonathan Cushley, who compiled the list, said.
“Sales for this year's Top 100 achieved £34.966bn against prior year for the current 100 companies of £34.969bn.
“Pre-tax profit also faced challenges with a decrease of £315.7m reported some 17.5%, from £1.8bn to £1.484bn.”
Pilgrim’s Europe, formerly Moy Park, topped this year’s list with turnover of £1.96bn. While some of the new companies making the list this year include engineering firm Mallaghan, fit-out business MJM Marine, and car retailer Shelbourne Motors.
Michael Heinicke, principal at Ryan, said: “Congratulations to this year’s Top 100. The headline numbers may look less positive than last year’s but the underlying story is one to be proud of. Businesses are sharper, more disciplined, and better placed to grow.”
Eugene O’Neill, principal at Ryan, said: “Fifty three companies improved their pre-tax profit this year, including 13 that did so while their turnover fell. It’s a sign of businesses getting leaner and more disciplined, not just more profitable.
“It’s a pattern we’re seeing across our clients in Northern Ireland and one that’s playing out across Ryan’s wider client base too.”
John Mulgrew, editor of Ulster Business added: “This year’s Top 100 appears to show a tightening of margins among some companies here, with pre-tax profits down and sales flat.
“While we can’t compare the Top 100 lists like-for-like each year, as the list fluctuates and new firms join the edition, while others fall away, it may highlight the impact of macro-economic factors and global headwinds on some bottom lines.
“However, this still reflects a wider, long-term positive story for the Northern Ireland, with more than half of those seeing pre-tax profits rise.”
Jonathan Cushley said: “Interestingly even with the overall sales challenges experienced by the Ulster Business Top 100 companies is that the turnover figure required to gain access to the list is at its highest level, with the final position held by a company with turnover of £113.8m.”