2011 profittrack1 00

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Britain’s private fi rms with the fastestgrowing profi ts

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Call them cuts or efficiency sav-ings, butmeasures to recession-proof British businesses arestarting to restore corporateprofitability in some sectors.

A strong performance bymanufacturingand energy firms between June and Sep-tember last year boosted overall businessearnings, says the Office of National Statis-tics. Net return on capital posted by privatenon-financial companies was 11.9%, upfrom 11.5% over the same quarter in 2009.Evidence that firms are reinvesting for

growth is harder to find, however. Forevery business like Centrica, which haspledged to invest £1.5 billion of its £2.4 bil-lion operating profits, there are more likeelectrical retailer Dixons, which plans toslash spending after warning that futureprofits will fall below expectations.This year’s Sunday Times PwC Profit

Track 100, which measures companies’profit growth over their last three financialyears, paints a picture of many of Britain’sbest-performing private firms on eitherside of the recession. The 12th annual list ofgrowth stars, compiled by Oxford-basedresearch and networking events companyFast Track, unveils the well-known namesand emerging ventures that have drivengrowth through the downturn.Together, the 100 companies show an

average annual profit growth of 72%, from£250m to £1.2 billion, a small improvementon the 68% increase recorded by last year’sfirms. Growth and acquisitions have led tothe creation of 22,350 jobs over the period.The research is based on three years of

historical data, and past growth is not nec-essarily an indicator of future perform-ance. Indeed, 18 firms revealed fallingmar-gins in their latest accounts.

This year's Profit Track 100 reveals a col-lection of smart and agile companies thathave not only cut costs but also made cap-ital investments to diversify their offering,expandoverseas and complete acquisitionsin a quest to improve earnings. Onlinegreeting card manufacturer Moonpig.com(No 3), lifestyle retailer CathKidston (No 22)and sports-car maker and racing teamMcLaren (No 4) are among the householdbrands on the roster this time.Remarkably, retailers and other con-

sumer companies, including shirt makerCharles Tyrwhitt (No 14), car-seatmanufac-turer Britax Childcare (No 20) and fashionchain Jack Wills (No 79), still account foralmosta third of all places, despite the slow-down in household spending. Transport,hospitality and leisure firms such as touroperators Audley Travel (No 26) and South-all Travel (No 59) take up a further 15 slots,reflecting, perhaps, the British economy’straditional strengths. But the number ofbusiness-services firms has almost halvedto eight while energy and utility compa-nies account for only three spaces, possiblydue to the sharp drop in oil prices duringthe second part of 2008.The downturn has given a lift to compa-

nies that deliver cost savings or efficiencyimprovements. Discount retailer Pound-land (No 37) has taken advantage of grow-ing demand to expand aggressively. Withmore than 300 stores, it is also the league-table firmwith the highest sales, at £510m.Pawnbroker Ramsdens (No 8) which offerspayday advances and buys jewellery via itscash-for-gold website, has quadrupled itsstores from 19 to 80 in two years.This year’s No 1 company, R&R Ice

Cream, has brought pleasure to Europeanconsumers. Its eight factories in Britain,France, Poland and Germany make about750m litres of ice cream a year, from super-market-label tubs to established brandssuch as Lyons Maid. The private-equityfirm Oaktree Capital Management con-

structed the business by merging Italy’sRoncadin and Britain’s Richmond in 2007.After a brief wobble, Oaktree’s buy-and-build strategy has delivered profit growthof 210% a year, from £1.5m in 2006 to£43.4m in 2009.R&R Ice Cream, which snapped up

Kelly’s of Cornwall in 2008 and France’sRolland in 2009, is among at least 20league-table firms that have grownthrough acquisition. For example, in 2007mast operator Wireless Infrastructure(No 42) bought telecoms sites from Scottishand Southern Energy for a reported £79m,and electronic equipment provider Micro-lease (No 47) snapped up the European armof a rival business in 2009.Many other Profit Track 100 firms are

pursuing growth by taking their productsand services overseas, as PwC’s Ian Powellnotes on page 3. Some, such as Chain Reac-

tion Cycles (No 67) reach overseas cus-tomers via the internet. The firm sendsbikes and accessories all over the worldfrom its warehouse in Northern Ireland.Others, like ventilation systems makerColt (No 76), have offices around the globe.R&R is one of 30 companies on the roster

that are majority-owned by private-equityfirms. For example, Growth Capital Part-ners owns a stake in Tangerine Confec-tionery (No 88), now the largest privatelyowned confectionery maker in Britain. Afurther 28, including Tom Joule’s clothingretailer Joules (No61), are held by foundersor entrepreneurs, down from 48 last time.Family-owned firms, such as JP Knight(No 53), the tug and barge company run bythe great-great nephew of the founder,account for 22 entries.A handful of founders on this year’s

Profit Track 100 have realised wealth by

selling all or part of their ventures. IanLan-gley, co-founder of recruitment businessAir Energi (No 89), sold a minority stake toZeus Private Equity, now trading as Pala-tine Private Equity. On page 6, Giles Nich-olas of UBS Wealth Management looks atwhy owners should consider diversifyingas the private-equitymarket improves.Prudent firms are working closely with

their banks to finance growth, as MarkStokes of Lloyds Banking Group explainson page 4. But, if exporting, they shouldbeware changes to the anti-bribery laws,warns PwC’s SuziWoolfson on page 3.Many of this year’s Profit Track 100 com-

panies are reaping the rewards of long-term investments made before and duringthe recession. Those that seize the chanceto reinvest their profits should drivemuch-needed growth, for themselves and thewider economy.

COMPANIES WITH THE BIGGEST PROFITS

Profit Track 100 is researched andcompiled by Fast Track, theOxford-based networking eventsand research company that ranksBritain’s top-performing privatecompanies and provides a networkfor entrepreneurs tomeet.

Rank Name Activity Profits, £m

13 Bet365 Online bookmaker 103

55 Priory Group Specialist healthcare provider 67

50 Card Factory Greeting card retailer 52

1 R&R Ice Cream Ice cream manufacturer 43

65 Center Parcs Holiday resort operator 42

GETTY

Company profits areslowly improving,and the brightestProfit Track 100stars are alreadyreinvesting forfuture growth, saysCatherine Wheatley

FAST TRACK

PROFITTRACKApril 17, 2011

Researched and compiled by

RULESOFENGAGEMENTTHEannual Profit Track 100 league table,now in its 12th year, ranks Britain’s privatecompanieswith the fastest-growingprofits over their latest three years ofavailable audited accounts.Definition:Profits are defined asoperating profit with directors’ pay addedback. Operating profit consists of acompany’s profit before taxation, interest,dividends and exceptional items.Directors’ paywas added back becauseresearch shows that up to 70% of profits is

removed fromprivate businesses eachyear in the form of directors’remuneration. Profit growthwasmeasured by compound annual growthrate over three years. Companies whoselatest audited accounts had a 2010 yearend had their profit growthmeasuredfrom2007 to 2010; thosewhose latestaudited accounts had a 2009 year endhad their profit growthmeasured from2006 to 2009.Criteria:Profits had to exceed £3m in thelatest available audited accounts and£500,000 in the base year. Firms had toshow a rise in profits from theirpenultimate to their latest year. For

financial years with fewer ormore than 52weeks, the figureswere annualised on apro-rata basis. Firms had to be registeredin the UK and be independent, unquotedand ultimate holding companies.Businesses qualified if they had grown byacquisition but not if they had quotedsubsidiaries.Exclusions:Companies did not qualify ifgrowthwas a result of changes inaccountingmethods that led to theirfigures being restated. Informal groupsof companies that did not submit groupaudited accounts to Companies Housewere not considered. Pure propertydevelopers and financial trading

companieswere also excluded from thetable because of their irregular tradingpatterns.Data collection:Accountsweremainlysourced fromCompaniesHouse. Firmswere identified in threeways. Somenominated themselves orwere putforward by advisers. Otherswerediscovered through Bureau vanDijk’sFame or Experian’s Corporate Researcher.Web researchwas also conducted.Shortlisted companieswere interviewedby phone and amajority were visited forfurther research.Incomplete data:About 2m companiesfile accounts at Companies House, but

most of them are small companies thatfilemodified accounts, which do not showsales, profits or directors’ remuneration.Attemptsweremade to get full figuresfromcompanies that producedabbreviated accounts butmight qualify.Companies that filed their accounts late orwhose accountswere not processed bythe research deadline of February 18, 2011were not considered.Disclaimer:These firms are not endorsed,guaranteed or recommended by thesponsors of Profit Track 100 or thecompiler, nor are they necessarily thebest-run companies. The league table isbased on historical data, with latest

available audited figures ranging fromSeptember 2009 to December 2010 and isnot necessarily an indicator of present orfuture performance. Some exceptionsweremade to the criteria set out above.The compiler’s decision is final and no

correspondencewill be entered into.Nominations for next year arewelcome.

2 PROFITTRACK100

1 R&R Ice Cream Ice cream manufacturer North Yorkshire Dec 09 210.22% 43,439 1,455 367,601 1,875 1987 Makes allergen-free dessert for a successful Dragons’ Den contestant 32 PowerPerfector Energy-saving device distributor Central London Dec 09 157.45% 11,493 674 29,788 67 2004 Has installed its electricity-saving technology in 1,000 Tesco stores 33 Moonpig.com Online greeting card retailer Central London Apr 10 149.79% 11,570 742 31,285 73 1999 Is reportedly up for sale 34 McLaren Racing team and sports car maker Surrey Dec 09 146.09% 32,577 2,186 291,586 1,587 1963 Its catering company runs restaurants in Chelsea Design Centre and Harvey Nichols 35 Supacat All-terrain vehicle manufacturer Devon Aug 10 144.66% 8,564 585 108,468 117 1981 Provides all-terrain vehicles used by the army’s special forces 36 Liquid Capital Financial services provider Central London Dec 09 142.24% 26,818 1,887 184,553 268 2000 Has offices in Chengdu in China, Hong Kong, Sydney, Chicago and London 37 Adey Heating Solutions Heating filter manufacturer Cheltenham Mar 10 137.77% 7,908 588 20,524 20 2003 Founder got idea for firm while servicing London Palladium’s central heating system 38 Ramsdens Pawnbroker and jeweller Middlesbrough Dec 09 132.08% 8,117 649 27,030 190 1987 Opened its 80th pawnbroking store at the end of last year 39 UPP University accommodation provider Central London Aug 10 125.01% 35,906 3,152 83,449 353 1998 Builds and manages student housing across Britain 310 24 Fridays Food producer Kent Dec 09 123.76% 6,506 581 44,926 325 1950 Produces and packs 7m eggs a week 311 6 B&M Retail Discount retailer Liverpool Dec 09 114.97% 32,954 3,317 426,657 4,831 1976 Has grown from 21 outlets six years ago to more than 200 this year 412 Appsense Virtualisation software developer Warrington Jul 10 109.61% 6,989 759 28,934 185 1999 Goldman Sachs invested £43m for a minority stake in February 413 3 Bet365 Online bookmaker Stoke-on-Trent Mar 10 107.53% 103,042 11,529 419,750 1,313 1974 Its website is available in 17 languages and 70% of sales are generated overseas 414 Charles Tyrwhitt Shirts Shirtmaker Central London Jul 10 105.54% 7,020 *808 56,759 312 1986 Company expects to sell 2m shirts this year 415 Crisp Malting Group Malt producer Norfolk Dec 09 102.10% 14,365 *1,740 100,682 232 1890 Supplies malt to the maker of Glenlivet whisky 416 Bristol Maid Medical equipment manufacturer Dorset Sep 09 101.69% 4,325 527 20,435 195 1953 Customers include military establishments and prisons 417 Clugston Group Construction business Scunthorpe Jan 10 98.24% 4,051 520 86,730 517 1937 Its chief executive appeared in Channel 4’s Undercover Boss last year 418 JD Classics Classic car restorer Essex Apr 10 97.58% 4,317 560 24,326 28 1987 Classic-car restoration enthusiast turned hobby into business 419 Airinmar Holdings Aircraft repair manager Berkshire Mar 10 95.68% 5,882 785 29,704 124 1985 Clients include the Royal Air Force, Qantas Airways and United Airlines 420 Britax Childcare Child car seat maker Surrey Dec 09 95.17% 22,865 3,076 202,872 1,010 1939 Spends about £5m a year on research to ensure the safety of its products 421 Euro Car Parts Car parts retailer Wembley Dec 10 92.28% 16,732 2,354 271,562 2,530 1978 Claims to stock more than 100,000 different car parts 422 7 Cath Kidston Lifestyle retailer Central London Mar 10 91.16% 12,186 1,745 50,369 383 1993 Bought by US private-equity house last year in a deal valuing the firm at £100m 423 The Dune Group Footwear retailer Central London Jan 10 90.14% 9,260 1,347 136,409 2,608 1992 Is looking to expand into America with first store planned for next year 424 60 Cleansing Service Group Waste manager Hampshire Dec 09 89.60% 3,435 504 49,463 374 1934 Empties and repairs more than 70,000 sewage systems a year 425 Skrill Online payment provider Central London Dec 09 88.53% 14,377 2,146 43,021 317 2001 Postponed planned flotation last week due to adverse market conditions 426 28 Audley Travel Tour operator Oxfordshire Dec 09 83.07% 7,278 1,186 53,670 156 1996 Offers tailor-made holidays to more than 80 countries 427 11 Cheapflights Media Price comparison website Central London Dec 09 82.97% 7,344 1,199 30,161 113 1996 Says its website has up to 100m visitors each year 428 Accrol Papers Paper converter Blackburn Apr 10 82.92% 5,002 817 38,172 77 1993 Produces more than 1m toilet rolls and 250,000 kitchen rolls a day 429 G’s Salad and vegetable grower Cambridgeshire May 10 82.61% 14,283 *2,346 293,368 2,971 1952 Sells more than 6m packs of salad and vegetables every week 430 Meadow Foods Dairy product producer Chester Mar 10 78.54% 7,791 1,369 263,089 306 1992 Makes condensed milk and chocolate crumb used by Mars and Walls 431 58 Severn Glocon Industrial valve manufacturer Gloucester Dec 09 78.48% 8,238 1,449 44,640 320 1961 Managing director bought the business from former owners with £1m loan 432 Cellar Trends Alcoholic drinks wholesaler Derbyshire May 10 77.98% 6,618 1,174 75,564 95 1999 Hosts a marketing event for Jägermeister at Download, a heavy-metal rock festival 433 Sun Mark Consumer products distributor West London Aug 10 77.42% 5,469 979 82,501 41 1995 Received the Queen’s Award for Enterprise in the past two consecutive years 434 Peacock Salt Salt distributor Ayr Apr 10 74.39% 3,545 668 22,670 36 1874 Company logo depicts the last sailing ship built by the founder in 1885 435 Aston Manor Brewery Beer and cider brewery Birmingham Dec 09 68.97% 5,121 1,062 53,435 140 1983 Says it is the largest independent cider maker in Britain 536 Rixonway Kitchen manufacturer West Yorkshire Feb 10 67.99% 4,397 *927 28,811 430 1978 August Equity backed the management team in a £27m buyout in 2006 537 86 Poundland Discount retailer West Midlands Mar 10 67.43% 22,670 4,830 509,791 6,702 1990 Operates more than 300 stores nationwide selling products all priced at £1 538 Apex Credit Management Debt purchaser Stratford upon Avon Dec 09 66.49% 3,838 *832 24,007 195 2000 Collects debts on behalf of clients such as Lloyds Bank, HSBC and Barclays 539 Go Outdoors Outdoor equipment retailer Sheffield Jan 10 65.28% *5,479 1,213 *74,005 497 1969 3i acquired a minority stake last week in a £28m deal 540 Leasedrive Velo Vehicle management Wokingham Dec 09 65.04% 3,146 700 56,832 138 1983 Says the acquisition of a leading competitor in December will quadruple its size 5

41 PCMS IT services provider Coventry Sep 09 64.88% 5,962 1,330 38,825 390 1982 Says its call centre dealt with more than one million inquiries last year 542 37 Wireless Infrastructure Group Wireless tower operator Lanarkshire Dec 09 63.62% 9,230 2,107 17,120 29 1995 Sets up income share deals with landowners to put up telecoms towers 543 Pricecheck Toiletries Toiletries wholesaler Sheffield Apr 10 62.42% 3,306 772 26,277 36 1978 Generates 20% of sales in mainland Europe, Asia, Australia and New Zealand 544 20 Regent Gas Commercial gas supplier West London Mar 10 62.24% 7,214 1,689 37,536 11 1996 Founded with an investment of £30,000, now makes profits of more than £7m 545 Office Shoe retailer Central London Jan 10 61.90% *15,951 3,759 *142,923 1,748 1981 Founders began by selling shoes displayed on office furniture 546 Healthcare Development Nursing home builder Gloucestershire Mar 10 61.89% 3,800 896 28,931 41 1995 Builds care homes, two of which are shortlisted for design awards 547 Microlease Electronic equipment provider Northwest London Feb 10 61.89% 5,687 *1,340 29,772 120 1979 Supplies electronic testing and measuring equipment to clients such as Thales 548 Ipeco Aircraft seat manufacturer Essex Dec 09 61.82% 4,860 1,147 56,382 596 1961 Grandfather of chief executive founded the company 40 years ago 549 Chess Telecoms services provider Cheshire Apr 10 61.55% 4,254 1,009 29,118 119 1993 Founder set up company with £50,000 of his own money 550 Card Factory Greeting card retailer Wakefield Jan 10 59.90% 51,520 12,601 215,641 5,298 1997 Founders launched their business from the back of a van 551 Aesica Pharmaceuticals Pharmaceuticals manufacturer Newcastle Dec 09 59.39% 12,900 3,186 84,600 615 2004 Foreign acquisitions doubled company’s manufacturing capabilities 552 Mountain Warehouse Outdoor equipment retailer Central London Feb 10 58.88% 7,534 1,879 47,534 654 1997 Has opened more than 50 stores in the past two years 553 JP Knight Tug and barge company Kent Sep 09 58.15% 3,819 966 22,185 210 1892 Company’s tugs towed captured German u-boats during second world war 554 51 Hutchinsons Agronomy adviser Cambridgeshire Dec 09 57.29% 8,152 2,095 132,414 307 1938 Founded in 1938 by the chairman’s grandfather 555 Priory Group Specialist healthcare provider Surrey Dec 09 57.17% 67,070 17,274 256,680 5,521 1980 Best known for treating celebrity patients for addictions to drugs and alcohol 556 Wilton Group Offshore services provider Middlesbrough Jun 10 57.12% 4,769 1,229 38,292 227 1994 Founders started the business with a £15,000 bank loan 557 Brace’s Bakery Baker South Wales Sep 09 57.07% 4,135 1,067 35,482 334 1902 Supplies more than 3,000 locations with 40m loaves each year 558 FM Conway Civil engineer Dartford Mar 10 56.75% 11,772 3,056 124,967 698 1961 Says it recycles up to 95% of construction waste from road building 659 8 Southall Travel Travel agency and tour operator West London Mar 10 56.72% 10,105 2,625 204,246 30 1984 Organised trips and holidays for 300,000 people last year 660 91 Survitec Group Safety equipment maker Belfast Mar 10 56.22% 30,667 8,044 161,951 1,270 1920 Manufactures safety equipment, including submarine escape suits 6

61 Joules Clothing retailer Leicestershire May 10 56.07% 6,067 1,596 51,167 465 1994 Has opened 21 new stores nationwide in the past 12 months, bringing the total to 55 662 Balhousie Care Group Care home operator Forfar Apr 10 55.91% 3,984 1,051 15,897 649 2005 Provides locally produced food as part of its nutritional policy 663 Access Software consultancy and developer Colchester Jun 10 55.75% 5,029 1,331 24,580 290 1991 Underwent a management buyout in a £50m deal backed by Lyceum Capital in March 664 Raymond Brown Civil engineer Hampshire Mar 10 55.74% 3,830 1,014 60,196 348 1963 Has worked on projects including the redevelopment of Ascot Racecourse 665 Center Parcs Holiday resort operator Newark Apr 10 55.15% 41,718 11,171 279,975 5,303 1987 Is planning to open a fifth site in 2013, one hour north of London 666 Republic Fashion retailer Leeds Jan 10 54.79% 23,167 *6,246 173,302 2,459 1986 Private-equity firm TPG backed a £300m tertiary buyout of the company last year 667 Chain Reaction Cycles Online bike retailer County Antrim Dec 09 53.58% 8,303 2,292 77,409 291 1985 Sponsors its own downhill mountain bike racing team 668 75 White Stuff Fashion retailer South London May 10 51.73% 15,991 4,578 83,722 1,112 1985 The fitting rooms in its Edinburgh store are themed on the film character ET 669 85 Weldex Crane hirer Inverness Nov 09 51.61% 10,442 2,997 27,201 128 1979 Acquired by Dunedin Capital Partners in a £100m buyout last year 670 Lexon Pharmaceuticals distributor Worcestershire Apr 10 51.57% 5,114 1,469 87,000 298 1995 Has recently set up a website to supply animal drugs to vets and the public 671 Kelway IT services provider Central London Mar 10 51.47% 7,182 2,066 178,140 355 1990 Clients include Microsoft, Bank of America and Oxford University Press 672 31 Richmond Group Financial services provider Bournemouth Mar 10 51.37% 20,820 6,003 46,412 439 1999 Founder walked 300km distributing promotional material in the firm’s first month 673 Thomsons Online Benefits Employee benefits software developer Central London Dec 09 51.30% 3,400 982 16,319 132 2000 Customers include Royal Bank of Scotland and Cisco 674 Britpart Car parts supplier Shropshire Mar 10 51.06% 7,097 2,059 43,175 175 1982 Founder set up company after travelling through Africa and Asia in a Land Rover 675 39 Rainham Industrial Services Industrial services provider Essex Dec 09 50.81% 3,778 1,101 28,658 54 2002 Two acquisitions and competitors going out of business have helped this firm grow 676 Colt Ventilation systems provider Hampshire Dec 09 50.62% 7,240 2,119 169,513 971 1931 Designed light-blocking factory ventilation used during second world war blackouts 677 Zenith Provecta Vehicle leasing services provider Leeds Mar 10 49.06% 9,274 2,800 125,387 157 1989 Completed its fourth buyout, worth a reported £85m, in August last year 678 Airline Services Airline services provider Manchester Oct 09 48.12% 3,346 *1,030 32,465 400 1984 Provides de-icing services for aircraft at 10 airports in Britain 679 17 Jack Wills Fashion retailer Northwest London Jan 10 47.85% 8,574 2,653 64,764 1,286 1999 Sponsors ‘brand ambassadors’ at ski resorts as part of its marketing strategy 680 89 Argus Media Market data publisher Central London Jun 10 47.75% 17,358 5,381 41,880 300 1970 Started out as a single weekly paper tracking oil prices in European markets 7

81 Currie & Brown Group Construction consultancy Central London Sep 09 47.12% 4,972 *1,561 73,544 903 1876 Founded in 1876 as a quantity surveying partnership based in Scotland 782 Opal Financial services provider St Albans Jun 10 46.64% 3,844 1,219 9,370 92 1984 Handles the administration of financial products for clients such as Direct Line 783 Farrow & Ball Wallpaper and paint manufacturer Dorset Mar 10 45.61% 5,921 *1,918 38,091 288 1930 Its paints were used in the restoration of St Paul’s Cathedral 784 XLN Telecom Telecoms services provider Central London Mar 10 44.86% 9,751 3,208 54,862 153 2002 ECI Partners backed a £78m secondary buyout in September 785 Craegmoor Care home operator Worcester Dec 09 44.78% 24,010 7,911 167,325 6,077 1994 Was acquired by Priory Group, No 55 on the league table, this month 786 Holyhead Group Workboat builder and operator North Wales Sep 09 44.74% 7,770 2,562 29,801 207 1962 Designed and built the vessel that transported Airbus A380 wings along River Dee 787 Briggs & Forrester Group Building services contractor Northampton Oct 09 44.64% 6,025 1,991 129,728 605 1947 Won six consecutive awards from the Royal Society for the Prevention of Accidents 788 82 Tangerine Confectionery Confectionery maker Blackpool Dec 09 44.63% 9,321 3,081 154,549 1,343 2006 Produces sweets and popcorn at seven sites employing more than 1,300 staff 789 71 Air Energi Technical personnel provider Manchester Dec 09 44.54% 6,026 1,996 133,291 119 1987 Underwent a £30m buyout backed by Zeus Private Equity in 2009 790 The Range Discount retailer Plymouth Jan 10 44.53% 21,123 6,996 211,681 2,652 1989 Cast Royle Family star Ricky Tomlinson as chief elf in its 2010 Christmas ad 891 Benfield Motor Group Car dealer Newcastle Dec 09 44.52% 9,308 3,084 313,167 1,094 1957 Uses mystery video shoppers to monitor and assess staff 892 Beardow Adams Adhesive supplier Milton Keynes Dec 09 44.51% 4,303 1,426 42,004 112 1977 Has one of the largest production facilities of its kind in Europe 893 Hobbycraft Group Craft goods retailer Dorset Feb 10 44.16% 11,535 3,850 84,366 1,538 1995 Sells more than 35,000 different items used in framing, tapestry and knitting 894 Marlborough Communications Military communications provider Surrey Sep 09 43.83% 3,673 1,235 16,798 29 1980 Supplied equipment to British forces during the Falklands conflict 895 The Consortium Educational, care products supplier Wiltshire Sep 09 43.12% 5,362 1,829 43,795 227 1971 Also runs a website selling fun products to eco-friendly families 896 Prater Construction contractor Surrey Dec 09 42.90% 7,901 2,707 63,140 279 1950 Installed waterproofing membrane for the roof of Arsenal’s Emirates Stadium 897 44 Morgan Law Recruitment Recruitment consultancy Central London Sep 09 42.71% 4,259 1,465 36,266 52 2000 Places more than 1,200 senior managers across 500 organisations a year 898 19 Bond Aviation Group Helicopter operator Cheltenham Mar 10 42.32% 18,357 6,368 91,287 404 1999 Listed on the Profit Track 100 league table for the third consecutive year 899 Joe Browns Mail-order fashion retailer Leeds Jun 10 42.27% 4,470 1,552 18,605 67 1998 Says it sends out 800,000 catalogues a month to its customers 8100 Thunderhead Communications software developer Hertfordshire Dec 09 42.12% 3,619 1,261 18,289 98 2001 Has recently opened offices in Düsseldorf and Canada to boost expansion 8

Rank 2011

Rank 2010

Activity

Company

Location of HQ

% annual profit growth

Financial year end

Latest sales, £000

Latest profits, £000

Base-year profits, £000

StaffFounded

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www.famecompanyinfo.com

British private firms withfastest-growing profits

* Annualised figure

THE SUNDAY TIMESthesundaytimes.co.uk/business 17.04.11 3

Ian Powell, chairmanof PwC, reports onthe hopes and fearsof Britain’s bosses

Theymay be unawareof any dodgy deal-ings, but entrepre-neurs eyeing over-seas expansion,

which includes many of thoseon the Profit Track 100, riskfalling foul of tough new legis-lation intended to stamp outbribery and corruption athome and abroad.

Companies that trade inemerging economies such asBrazil and China — and othercountries where “grease” pay-ments are customary — are atparticular risk of being caughtout by the new rules, whichbring Britain’s anti-corruptionlaws into line with internat-ional legislation. Businessesthat take part in overseas ten-ders are also at risk unless theytake steps to put an ethical pro-gramme in place and addresstheir potential exposure tobribery.

The bribery act, which willcome into force on July 1, setsout four criminal offences:offering or paying a bribe;requesting or receiving a bribe;bribing a foreign public offi-cial; and a new corporateoffence of failing to preventbribery.

Worryingly, the activeoffences apply not only toindividuals and companies butalso to third parties whoperform services on behalf ofthe organisation.

In other words, companiesthat are unaware of wrong-doing could still be held res-ponsible should an overseasagent pay unauthorised back-handers to potential distribu-tors, for example.

Firms found guilty face

unlimited fines and a potentialban on tendering for publiccontracts. Individuals could befined and imprisoned for up to10 years.

The forthcoming changescome in response to inter-national concern that crookedbusiness practices arereducing global competitionand encouraging poverty. TheUnited States and other bigtrading nations already havespecific anti-bribery laws.Now Britain is under pressureto tighten up its provisions,which at present come underanti-terrorism and anti-money-laundering laws.

Many Profit Track 100 com-panies will be unaware of thenew legislation and its poten-tial impact. So what stepsshould growing firms take toensure they are not caught outby the bribery act?

Crucially, companies cansuccessfully defend themselves

against charges of failure to pre-vent bribery if they can showthey have “adequate proce-dures” in place to avoid corrup-tion. Guidelines setting outwhat such procedures mightincludehave beenpublished bythe Ministry of Justice, signal-ling a three-monthwindow forfirms to make their prepara-tions before the legislationcomes into force.

But firms should already beputting measures in place toprotect themselves againstpotential liability. Based on ex-tensive practical experience,PwC has developed a frame-work for a proportionate risk-based anti-bribery complianceprogramme.

Initially, firms should carryout a risk assessment to iden-tify areas of potential concern.Is your business operating inhigh-risk territories? Does ittender for large-scale, long-term contracts? Perhaps it usesintermediaries, or deals withgovernment officials? Does itmake use of gifts of hospi-tality? If so, these are areas ofvulnerability.

We recommend conductinganobjective bribery risk assess-ment, reviewing existing con-trols and developing a plan tomitigate any gaps.

Next, firms must establishclear governance structures.Companies should appoint asenior staff member to run theprogramme and monitor itsperformance. Managers mustnot underestimate the scale ofthe task, which covers every-thing from changing cultures,behaviour and processes toaligning employee sanctionsand rewardmechanisms.

Firms should create a codeof ethics and behaviour toreflect the core values andstandards of the business. Thecode must offer clear guide-linesonareas suchas gifts, hos-pitality, charitable donations,conflicts of interest and lob-bying activities.

Procedures and internal con-trols to support the code mustbe implemented and tested.Staff need to be trained so theycan identify any potential risksand take the correct action.

Of vital importance is that

senior staff must set the righttone by offering a strongexample of ethical behaviour.

Best-practice guidelinessuggest firms provide whistle-blowing facilities that allowstaff to report suspicions confi-dentially. Disciplinary proce-dures should be put in placeand followed consistently.

Clearly, due-diligencechecks on third parties such aspotential sales agents are vital.Their contracts must stateclearly that they are requiredto act ethically.

Finally, firms should recordany potential issues and thendocument how they wereresolved, so they can showwhy a decisionwas reached.

Developing an anti-briberycompliance programmerequires time and effort. Theclock is ticking.

Weurge growing firms suchas those on the Profit Track 100to act now— or pay later.n Suzi Woolfson, a partner atPwC working with entrepreneurialfirms, was talking to CatherineWheatley

Companies must act now toavoid getting caught out byimminent new corruption laws,warns Suzi Woolfson of PwC

WHENRegina Roncadin opened herItalian ice cream parlour in Germany in1932, she could hardly have imagined thatthe business would blossom into amulti-million-pound empire.

R&R Ice Cream now has eight factoriesacross Britain, France, Poland andGermany, which togethermakemorethan 750m litres of ice cream each year.Much of this is destined for thesupermarket shelves as own-brandproducts for European retail giants suchas Tesco, Asda, Aldi and Carrefour.

The business alsomanufactures icecreams bearing Nestlé brands, includingKit Kat, Aero and Fab. The group’s otherwell-known products include theperennial summer favourite LyonsMaidand the Skinny Cow low-fat range as wellas a variety of Thorntons’ branded ice

creams, similar to Unilever’s Magnum.The group’s British business was

founded as Richmond Ice Cream in 1985,when Jonathan Ropner and JamesLambert, who is now R&R’s chiefexecutive, acquired a Yorkshire-based icecream factory called Cardosi.

By the late 1990s Richmond hadstarted to consolidate the British icecream industry with a series ofacquisitions. In 1998 the companywentpublic aftermerging with the quotedTreats Group and retaining its stock-exchange listing, now under the nameRichmond Foods plc.

On the other side of the Channel,Regina Roncadin’s humble ice creamparlour in Germany had evolved intoRoncadin, one of continental Europe’sbiggest ice cream producers. Thecompany had startedmaking ice creamon an industrial scale in 1982, floated ontheMilan stock exchange in 1999, andwas delisted six years later by OaktreeCapital Management, the American

private-equity firm. Shortly after, in 2006,Oaktree paid £183m for the public-to-private purchase of Richmond, and thenmerged its two ice cream investments toform R&R Ice Cream.

The initial impact of themerger onprofits was a reduction after a wetsummer and soaring ingredient costscombined to create a challenging tradingyear in 2007. However, profits haveincreased rapidly since then as thecompany improved efficiency, negotiatedprice increases, andmade additionalacquisitions, including that of Kelly’s ofCornwall in 2008. Group profits rose 210%a year, from £1.5m in 2006 to £43.4m in2009, propelling R&R to the top of thisyear’s Profit Track 100.

Acquisitions remain central to thegroup’s strategy and last year it boughtRolland, a French ice creammaker. Aftera successful €350m (£300m) bond issueandwith further acquisitions in thepipeline, the group aims to add to its 2009sales of £368m to reach at least £500m.

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2 TORFXForeign currency provider 217.12%

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4 THE HUT GROUPE-commerce operator 161.92%

114.24%114.24%PlatPlatPlat2 POWERPERFECTOR

Energy-saving device seller 157.45%

THIS London company imports and sellstechnology developed in Japan, whichimproves the electricity flow intoelectrical equipment, enabling it to run atoptimal voltage. This extends the life ofthemachinery and enables companies tocut their energy bills and carbonemissions.With sole distribution rightsin Britain and parts of mainland Europefor the next 20 years, PowerPerfector hasrecently installed its technology in 1,000Tesco stores. Led by founder and chiefexecutive Angus Robertson, the firm hasgrown profits by 157% a year, from£674,000 in 2006 to £11.5m in 2009,mainlyas a result of similar growth in sales.

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114.24%114.24%PlatPlatPlat3 MOONPIG.COM

Online greeting card retailer 149.79%

THE London-headquartered businessMoonpig.com produces tailor-madegreeting cards that allow customers toadd their own personalisedmessages andcaptions online. According to founderand chairmanNick Jenkins, the companysent out 8m cards last year, with part ofthe growth a result of the launch ofAustralian and Americanwebsites. Thepopularity of Moonpig’s card designs andheavy advertising on television have alsohelped to boost sales, and, witheconomies of scale lowering production

costs, profits have grown by 150% a year,from £742,000 in 2007 to £11.6m in 2010.

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114.24%114.24%PlatPlatPlat4 MCLAREN

Racing team and car maker 146.09%

FAMOUS for its Formula One racingteam, this Surrey-based group also haslesser-known offshoots. These include anelectronics company that sells softwareand technology to Indy Racing teams andthe American government; a divisionthat works with organisations such asUK Sport to improve performance insport; and even an upmarket cateringcompany. Its automotive division designsandmanufactures supercars that costmore than £100,000 each. Founded andled by Ron Dennis, the company hasgrown profits by 146% a year, from £2.2min 2006 to £32.6m in 2009.

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114.24%114.24%PlatPlatPlat5 SUPACAT

All-terrain vehicle maker 144.66%

SUPACAT designs andmanufactureshigh-mobility, all-terrain vehicles, withthemajority sold formilitary use.Headquartered in Honiton, Devon, thecompany generates 90% of its sales fromtheMinistry of Defence. TheMoD begansupplying Supacat vehicles to specialforces in 2002 and the army in 2005. As aresult, volumes have risen sharply, withthe company selling 130 vehicles to the

MoD in 2007, rising to 195 last year. Underfounder and technical director NickJones, profits have increased 145% a year,from £585,000 in 2007 to £8.6m in 2010.

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114.24%114.24%PlatPlatPlat6 LIQUID CAPITAL

Financial services provider 142.24%

Liquid Capital is a global financialservices provider that acts as amarketmaker and proprietary trader on

European, Asia-Pacific and Americanexchanges. The company has offices inLondon, Chicago, Sydney, Hong Kongand Chengdu in China, and employsmore than 250 people. The Siepmanbrothers, Chris and Gregg, foundedLiquid Capital in 2000 and still own 85%of the business. The London-headquartered company’s clients includeinvestmentmanagers, hedge funds,banks and proprietary traders. Profitshave risen by 142% a year, from £1.9m in2006 to £26.8m in 2009.

One of the best partsofmy job is talkingto business leaderssuch as those onthe Profit Track

100 about their views on theeconomic outlook and theirplans for future growth.

The struggle for survivalduring the recessionhasdom-inated many of these chats.But over the past fewmonthsa note of cautious optimismhas started to emerge.

Each year PwC surveysmore than 1,200 chief execu-tivesaroundtheworld, includ-ing more than 100 in Britain.This time, they have told usthat demand in many tradi-tional export markets hasweakened.With little signof aquick recovery, they plan tobebolder and focus onnew in-ternational markets. Clearly,it is no longer sustainable thatthe value of British exports tothe Bric countries (Brazil,Russia, India and China) isroughly the same as those tothe Republic of Ireland.

As well as overseas expan-sion, we have found thatambitious firms are devel-oping new products and ser-vices, and are even eyeingmergers and acquisitions.

More than half the mid-sized quoted companies wespoke to in our recent FTSE250survey identifiednewgeo-graphic markets such as theUS, China, India and Brazil asakey route togrowthover thenext five years. It is inter-esting to note that of thisyear’s league-table firms 52already export or have over-seas subsidiaries.

The more internationallyactive the company, themorelikely it is to seek growth viamergers or acquisitions over

the next five years. But firmstrading in India or Brazil arelikely to maintain their stra-tegic flexibility and reducetheir investment risk byexpanding there organically.

Just over half the FTSE 250companies we questionedsaid access to the skills andtalent needed to meet theirinternational ambitions wasthe biggest challenge. Severalinternational companies saidthey improved skills byencouraging local staff totake secondments in Britainand other territories.

After spendingmuch of thedownturn on the back-burner, innovation is again afocus of corporate attention.Our latest Global CEO Surveyshows 24% of chief executivesthink new product or servicedevelopment is the best wayto grow their businesses inthe next 12 months, almostdouble last year’s number.

But there are clouds on thehorizon. British chief execu-tives are more concernedwith increasing burdens thanbusiness leaders in mostother leading European coun-tries. They consistently tellme the stability of the finan-cial system, and affordabilityof capital, should remain thegovernment’s key priorities.

The message I take awayfrom the survey, backed bymanymeetings andconversa-tions, is that the prospects forentrepreneurs in Britain arelookingup. But to take advan-tage of them, companies suchas those on the Profit Track100 will have to look furtherafield and be more ambitiousthan ever before.nIan Powell is chairman andsenior partner of the UK firmof PwC

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114.24%114.24%PlatPlatPlat1 R&R ICE CREAMIce cream manufacturer 210.22%

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114.24%114.24%PlatPlatPlat7 ADEY HEATING SOLUTIONS

Heating filter manufacturer 137.77%

A SPECIAL filter installed in centralheating systems to prevent a build-up ofblack iron-oxide sludge ismade by thisCheltenham firm. Adey uses a powerfulmagnet within the filter to remove debristhat could otherwise clog the system andcause boilers to break down. Inventor andfounder Chris Adey, a former British Gasengineer, saysMagnaClean is the firstfilter of its kind and saves not only onmaintenance calls but also reducesdomestic heating bills and carbon-dioxideemissions. Profits grew 138% a year, from£588,000 in 2007 to £7.9m in 2010.

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114.24%114.24%PlatPlatPlat8 RAMSDENS

Pawnbroker and jeweller 132.08%

THIS pawnbroker offers payday advances,cheque cashing and claims to be a leadingbuyer of broken and second-hand goldjewellery. Ramsdens started with onestore in 1987, in Stockton-on-Tees, openedthe 80th site at the end of last year andplans to have 100 branches in 2012. Itlaunchedwhat it says was one of the firstgold-for-cashwebsites, Got Gold Get Cash,which delivered about 10% of sales in2009. Under Stewart Smith, executivechairman and son of founder HerbertSmith, the Middlesbrough-based firm hasachieved profit growth of 132% a year,from £649,000 in 2006 to £8.1m in 2009.

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114.24%114.24%PlatPlatPlat9 UPP

Student housing provider 125.01%

UPP is one of Britain’s leading providersof on-campusmanaged universityaccommodation. The London companyfinances, designs, builds andmanagesstudent housing. It also buys leases onbuildings, refurbishes them and then letsout the rooms. In 2004 Barclays PrivateEquity bought a 74% stake in the businessfrom Jarvis for an undisclosed sum andfour years later acquired the remainingshares. Under chief executive SeanO’Shea, rising rental incomes have helpedto push up profits by 125% a year, from£3.2m in 2007 to £35.9m in 2010.

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114.24%114.24%PlatPlatPlat10 FRIDAYSFood producer 123.76%

KEEPING chickens started out as a hobbyfor David Friday, but grew into a seriousbusiness. Founded in 1950, the Kent-basedcompany operates 11 sites in the countyand David’s sons, Malcolm and Andrew,oversee the production and distributionof eggs to leading supermarkets andcaterers across Britain. A £2m investmentin the late 1990s allowed the independentfamily business to diversify into chilledfood such as salads, soups, pastas andsandwich fillings. This, together withincreased demand for free-range eggs,has boosted profits by 124% a year, from£581,000 in 2006 to £6.5m in 2009.

KEVINBUMBY

’’CROOKED BUSINESSPRACTICES AREREDUCING GLOBALCOMPETITION ANDENCOURAGINGPOVERTY

The ABC ofanti briberycompliance

Lolly goodshow: JamesLambert has

seen profits atR&R Ice Creamtreble three

years running

Ice cream maker licks competition

Vroom at the top: McLaren’s profits have roared ahead by 146% a year

Growingfirms lookoverseas

Hands on: firms should keep tight control of what staff or overseas agents are doing

SMITHCOLLECTION

MARKTHOMPSON

Ambitious firms with supportivebanks will be the backbone of oureconomic revival, says Mark Stokesof Lloyds Bank Corporate Markets

Retailers have had ar o u g h t i m erecently, but theoutdoor-equipmentretailer Go Outdoors

is growing fast as fitness fans,festival-goers and families whotake their holidays in thiscountry rather than abroad— known as “staycationers” —discover its range of camping,climbing and hiking gear.The company, which is at

No 39 on this year’s Profit Track100, plans to add 10 stores a yearto its 27 existing outlets, sellingbig brands such as The NorthFace and Salomon as well as itsown Hi Gear and North Ridgelabels. Profits at the company,which is backed by the private-equity firms YFM and 3i, haveincreased by 65% a year, from£1.2m in 2007 to an annualised£5.5m in 2010.Go Outdoors has built a

highly successful businesswith the support of its long-term banking partner, LloydsBank Corporate Markets. Forexample, we were able to offerassistance when the companydecided to consolidate thesupply of its own-brandedgoods by replacing a network ofimporters with a single partnerin charge of the sourcing,

shipping,warehousing anddis-tribution functions.The company’s expansion

has recently been supported bya £30m three-year financialpackage from Lloyds Bank,which includes £12.2m fortrade finance to bring in newlines and fresh suppliers. Thisrefinancing package takes intoaccount the changing nature ofthe business and the firm’sfuture growth requirements,helping Go Outdoors to meetthe demand for its exclusiveproducts and deliver newlines to consumers with secure

facilities to work with overseassuppliers.GoOutdoors is oneof 28 com-

panies on this year’s ProfitTrack 100 that are clients ofLloyds Bank Corporate Mar-kets. We deliver banking andrisk-management services toabout 30,000 corporate cus-tomers, from well-knownbrands such as Virgin andArcadia to fast-growing firmssuch as the all-terrain vehiclemanufacturer Supacat, at No 5on the league table, and thecrane-hire firmWeldex (No 69).Ambitious, fast-growing

firms like those on the ProfitTrack 100 will form the back-bone of Britain’s economicrevival. We want to encouragemore entrepreneurs to takeadvantageofBritain’smanufac-turing excellence, its world-leading universities and itsmobile, educated workforce, tobuild ventures that will suc-ceed inan increasingly compet-itive global economy.That iswhyLloyds BankCor-

porate Markets has made asteadfast commitment to sup-port British enterprise. Lastyear our group backed morethan 100,000 start-ups. Wehave also made more than£11 billion of additional fund-

ing available to mid-sizedfirms. The combined groupoffers anunrivalled branchnet-work,while our strong relation-ship with customers has madeus Bank of the Year at theFinance Directors’ ExcellenceAwards for the past six years.Wework hard to understand

our clients’ businesses andmar-kets, giving us a clear picture of

the risks and upsides theypresent, and allowing us tolendwith confidence.Customer service is at the

heart of our proposition andwebelieve this needs to be local ifit is truly to add value to anybanking relationship. Our rela-tionship managers — whichlike Profit Track 100 firms arespread across the country —

have a deep understandingof their industry sectors, enabl-ing them to offer strategicadvice aswell as expansion andworking-capital finance.Our commitment to

building strong, lasting rela-tionshipswith companies suchas Go Outdoors remains at theheart of our strategy, helpingus to provide outstanding

service, whatever the eco-nomic climate.For example, Lloyds Bank

Corporate Markets is workingto support the menswearretailer Charles Tyrwhitt,which sells shirts and otheritems of men’s clothing online,via mail-order and in 15 storesworldwide. A few years ago thecompany, now at No 14 on the

league table, decided to refocuson its core competence of high-quality shirts and accessories.We supported this transitionwith the funding and financialexpertise to build a solid plat-form for future growth.Since then, our relationship

director, Charles Lamplugh,has worked with CharlesTyrwhitt founderNickWheelerand his new team to deliver aconfident and focused strategyfor the business. As a result,efficient stock management,new customers and animproved website bringingincreased sales have helpedprofits to rise 106% a year, froman annualised £808,000 in 2007to £7m in 2010.We have also provided

finance forWeldex, which sup-plies the construction industrywith heavy-duty cranes used inmany high-profile infrastruc-ture projects such as Heath-row’s Terminal Five andLondon’s Olympic Stadium. Aswell as offering a debt facilityfor working capital, we haveprovided asset-based finance toacquire new crawler cranes,which can cost hundreds ofthousands of pounds.This year’s successful ven-

tures prove that, despite achallenging economic climate,British private enterprise isthriving. We are proud of ourcontinuing association withthe Profit Track 100 and lookforward to supporting currentand future firms on the leaguetable.nMark Stokes, managing directorat Lloyds Bank CorporateMarkets,was talking to CatherineWheatley

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114.24%114.24%PlatPlatPlat11 B&M RETAILDiscount retailer 114.97%

SIMON and Bobby Arora bought B&MRetail in 2005 when it was a chain of 21outlets. They have grown the Liverpoolfirm into a value retailer with 230 stores.The 1.5m people who visit its stores eachweek can find bargains on a range ofgoods, from furnishings to confectionery.Profits have grown by 115% a year, from£3.3m in 2006 to £33m in 2009, thanks tostore openings and greater buying power.

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114.24%114.24%PlatPlatPlat12 APPSENSESoftware developer 109.61%

IF people can access their software andpersonal desktop both in the office andoutside via amobile device, their firmmay have “user virtualisation” softwaredeveloped by thisWarrington company.Five years ago chairman Charlie Sharlandmoved the business into this field fromsecurity software development and says itis now one of themarket leaders. Clientsinclude Credit Suisse, Deutsche Bank,Motorola and Unilever. Helped by growthin America, profits have risen 110% a year,from £759,000 in 2007 to £7m in 2010.

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114.24%114.24%PlatPlatPlat13 BET365Online bookmaker 107.53%

FOUNDED in 1974, Bet365 had a chain ofbetting shops before selling them in 2005to concentrate on its online operations.Owned and run by the Coates family inStoke-on-Trent, its website is available in17 languages with 70% of revenue comingfrom overseas. As well as taking bets onlive sports, customers can bet on thefinancial markets and play casino games.After large redevelopment costs tomoveonline, the firm says it is reaping thebenefits with profits growing 108% a year,from £11.5m in 2007 to £103m in 2010.

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114.24%114.24%PlatPlatPlat14 CHARLES TYRWHITT SHIRTSShirtmaker 105.54%

SELLING classicmenswear since 1986, thisLondon business is run by NickWheeler,who founded it while a student in Bristol.Operating as a limited liability partnershipand using hismiddle names for the firm,it generated £57m in sales last year frommail-order, online and shop sales. It has aflagship store in London’s Jermyn Streetand there are 15 shops worldwide. Betterstockmanagement, new customers andan improvedwebsite have pushed profitsup 106% a year, from an annualised£808,000 in 2007 to £7m in 2010.

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114.24%114.24%PlatPlatPlat15 CRISP MALTING GROUPMalt producer 102.10%

CRISPMALTING, part of Ragleth, sellsmore than 250,000 tonnes ofmaltedcereals a year to the world’s top brewersand distillers. Its malts, made from barley,wheat, oats or rye, are used in beer andwhiskies such as Glenlivet. Its sisterbusiness, Edme Food Ingredients, makesmalted grains, flours andmalt extract forthe baking, cereal and food industries. In2005 a group of private investors led bychief executive David Thompson boughtRagleth for an undisclosed sum. Profitshave risen 102% a year, from an annualised£1.7m in 2006 to £14.4m in 2009.

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114.24%114.24%PlatPlatPlat16 BRISTOL MAIDMedical equipment maker 101.69%

FOUNDED in 1953, Bristol Maid initiallyspecialised inmanufacturing filingcabinets and refurbishing hospital beds

and trolleys. Today it has a large portfolioof products, includingmedicine cabinets,trolleys and theatre equipment. Now ledby Stuart Davis, the founder’s grandson,the Dorset firm’s clients include the NHSaswell as companies in Ireland and theMiddle East. A large reorganisation in2005 and an increase in demand has liftedprofits by 102% a year, from £527,000 in2006 to £4.3m in 2009.

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114.24%114.24%PlatPlatPlat17 CLUGSTON GROUPConstruction business 98.24%

CLUGSTON is a group of companies thatwork in construction, civil engineering,property development, logistics andfacilitiesmanagement. Clients includeRenault,WmMorrison and Corus/Tata.Based in Scunthorpe, the firm evolvedwith the iron-and-steel industry in the1930s, the founder selling slag from thefurnaces tomake runways for the RAF.Led by chairman John Clugston and chiefexecutive StephenMartin, profits haverisen 98% a year, from £520,000 in 2007 to£4.1m in 2010, partially thanks to amoveinto building plants to recycle waste andobtain energy fromwaste.

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114.24%114.24%PlatPlatPlat18 JD CLASSICSClassic car restorer 97.58%

WHENDerek Hood began restoringclassic cars as a hobby, he quickly foundtherewas strong demand for his servicesand that he could turn his pastime into abusiness. The firm has been operating formore than 20 years, and has specialised inJaguar cars, making it a leading restorer ofthismarque. Profit growth is duemainlyto the recent strong performance ofclassic cars as an investment opportunity.Based inMaldon, Essex, the companygrew its profits 98% a year, from £560,000in 2007 to £4.3m in 2010.

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114.24%114.24%PlatPlatPlat19 AIRINMAR HOLDINGSAircraft repair manager 95.68%

GROUP chief executiveMalcolm Fullbrookset up Airinmar in 1985 tomanageaircraft repairs for big airlines, aircraftmanufacturers, repair organisations andaircraft stockists. The companymanages

all aspects of the repair process, fromremoving parts from aircraft to deliveringthem back to the customer. Based inBerkshire, the company has a globalcapability by using web-basedtechnology. Profits grew by 96% a year,from £785,000 in 2007 to £5.9m in 2010.

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114.24%114.24%PlatPlatPlat20 BRITAX CHILDCAREChild car seat maker 95.17%

CHILD-SAFETY products, including carseats, pushchairs and bike seats, are thiscompany’s speciality. Surrey-based Britaxhasmanufacturing operations in Britain,Australia, North America and Germany,and sales distribution in another 40countries. It was divested from BritaxInternational and bought by CarlyleGroup for £230m in 2005, before NordicCapital backed a £450m secondary buyoutin November 2010. Under chief executiveKarl Kahofer, profits have grown by 95% ayear, from £3.1m in 2006 to £22.9m in 2009.

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114.24%114.24%PlatPlatPlat21 EURO CAR PARTSCar parts retailer 92.28%

FOUNDED by Sukhpal Singh Ahluwaliawhen hewas only 18, this London-basedcompany sources and sells spare parts tothe automotive industry. Euro Car Partssells predominantly to independentgarages although it has recently securedlarge contracts with the RAC andKwik-Fit. DirectorMartin Gray says salesrocketedwhen the company scaled upfrom sourcing niche products to stockingmost parts formostmakes of car. Thegrowth in transactionsmade for amorecost-effective infrastructure — includingmore deliveries per run— pushing profitgrowth up 92% a year, from £2.4m in 2007to £16.7m in 2010, excluding gains onforeign exchange.

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114.24%114.24%PlatPlatPlat22 CATH KIDSTONLifestyle retailer 91.16%

THIS firm designs and sells a range ofdistinctive fashion and householdaccessories, from polka-dot shopping bagsto floral-patternedwallpaper, furnitureand clothing. Founded by Cath Kidston,who set up her first shop in London’s

Holland Park in 1993, the company nowhas 37 shops and concessions in Britain,two shops in Ireland, eight in Japan andtwo in South Korea. TA Associates backedamajority buyout inMarch last year thatvalued the business at £100m. Profits rose91% a year, from £1.7m in 2007 to £12.2min 2010, helped by tight cost control.

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114.24%114.24%PlatPlatPlat23 THE DUNE GROUPFootwear retailer 90.14%

NOTONLY does The Dune Group sellshoes through 44 shops and departmentstores such as House of Fraser, Selfridgesand John Lewis, it also owns stores andconcessions in Ireland, mainland Europeand has franchised stores in theMiddleEast, Russia and Poland. In the past twoyears the number of concessions hasmore than quadrupled to 175, helpingprofits to grow by 90% a year, from £1.3min 2007 to £9.3m in 2010. The Londoncompany, founded in 1992 by chairmanDaniel Rubin, recently acquired twobrands, Bertie and Pied a Terre, andlaunched a store formen’s shoes calledChelsea Cobbler.

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114.24%114.24%PlatPlatPlat24 CLEANSING SERVICE GROUPWaste manager 89.60%

EDGAR “BUNNY” HART started thissewage-collection business in 1934 whenhe bought a second-handwaste tankerlorry for £5. In 1990 the business started todiversify into industrial and hazardous-waste processing by acquiring nicheoperators. Today it services 70,000domestic and commercial customersfrom 19 sites across Britain. The Hartfamily still ownsmost of the firm,whichis led by Steven Pashley, Neil Richardsand Brian Dollen. Recent acquisitionshave helped to boost profits by 90% a year,from £504,000 in 2006 to £3.4m in 2009.

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114.24%114.24%PlatPlatPlat25 SKRILLOnline payment provider 88.53%

ONLINE payment provider Skrill, whichrebranded fromMoneybookers last year,claims 15m people use its technology. Itallows anyone with an email address tosend and receive payments securely

online, andmerchants can processpayments inmore than 40 currencies.Investcorp took a 51% stake in 2007 whenit backed a €105m (£71.5m) buyout, andthe London company has since expandedinternationally,mainly in continentalEurope and America. Led by joint chiefexecutivesMartin Ott and NikolaiRiesenkampff, profits grew 89% a year,from £2.1m in 2006 to £14.4m in 2009.

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114.24%114.24%PlatPlatPlat26 AUDLEY TRAVELTour operator 83.07%

WHETHER you enjoy watching polarbears on Hudson Bay, crossing Asia bytrain, trekking in the rainforests ofMadagascar or relaxing on a beach inFrench Polynesia, this Oxfordshire travelcompany can fix you up. Founders CraigBurkinshaw and John Brewermaxed outtheir credit cards in 1996 to start the firm,running small group tours in Vietnam,Cambodia and Laos. Today Audley Traveloffers bespoke holidays worldwide andprofits have risen 83% a year, from £1.2min 2006 to £7.3m in 2009.

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114.24%114.24%PlatPlatPlat27 CHEAPFLIGHTS MEDIAPrice comparison website 82.97%

THIS company pioneered online pricecomparison of flights in 1996, and hasexpanded into North America, mainlandEurope and Australasia. It says itscustomers, which include BritishAirways, Virgin Atlantic, BMI, Opodo andExpedia, achieved sales of £1.8 billion lastyear after advertising on its websites.London-based Cheapflights is paid whentravellers click through to an airline ortravel agent’s website or contact it bytelephone. The firm is led by Chris Cuddy,chief executive, who says people use itswebsites 100million times each year.Profits have grown 83% a year, from£1.2m in 2006 to £7.3m in 2009.

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114.24%114.24%PlatPlatPlat28 ACCROL PAPERSPaper converter 82.92%

ACCROL PAPERSmanufactures anddistributes facial tissues, toilet paper andkitchen towels for big discount retailers,and own brands. Founded in 1993 byJawid Hussain, it is owned and run by histhree sons, Majid, Mozam andWajid. TheBlackburn company’s profits have grown83% a year, from £817,000 in 2007 to £5min 2010, partially as a result of long-terminvestment in production facilities andcapacity, leading to greater efficiencies.

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114.24%114.24%PlatPlatPlat29 G’sSalad and vegetable grower 82.61%THIS family business, founded by GuyShropshire in 1952 and now run by hissons John and Peter, has revived itsfortunes after Britain’s wettest summersince 1912 hit profits in 2007. The firm,which is based at Ely, Cambridgeshire,grows andmarkets salad products andvegetables. It has also invested heavily inland and property in Spain, where theclimate allows lettuce and celery to begrown in winter. Selling approximately300,000 tonnes of produce annually tocustomers in continental Europe as wellas the big British supermarkets, G’s hasmanaged to increase its profits by 83% ayear, from an annualised £2.3m in 2007 to£14.3m in 2010.

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114.24%114.24%PlatPlatPlat30 MEADOW FOODSDairy product producer 78.54%

FOUNDED in 1992 by Simon Chantler,this Chester company specialises inmaking dairy ingredients such as

sweetened condensedmilk, milk fat andchocolate crumb, which are supplied toleading foodmanufacturers includingMars,Walls and Cadbury. The businesshandlesmilk from hundreds of dairyfarmers around Britain and also tradesmilk, at present 370m litres a year, tocustomers such as RobertWiseman andDairy Crest, which accounts for half thegroup’s profits. Thanks to a recentacquisition that doubled cream-producingcapacity, profits grew by 79% a year, from£1.4m in 2007 to £7.8m in 2010.

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114.24%114.24%PlatPlatPlat31 SEVERN GLOCONIndustrial valve maker 78.48%

WHEN operators in the oil-and-gasindustry such as BP require control orchoke valves, they often turn to SevernGlocon, a Gloucester-basedmanufacturerthat supplies sales and servicing fromoffices worldwide. Managing directorMaurice Critchley says he expects furtherinternational growth to come from thecompany’s recently opened sales officesin Brazil and China. This expansion willhelp to support local agents in providingbetter product information and service toits clients. The company’s profits haverisen by 78% a year, from £1.4m in 2006 to£8.2m in 2009.

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114.24%114.24%PlatPlatPlat32 CELLAR TRENDSAlcoholic drinks wholesaler 77.98%

WITH 30 years’ experience in the drinkstrade, DavidMarriott andMartinWattsset up their own small wine-and-spiritsdistribution company in 1999 after theItalian firm Luxardo Sambucaapproached them to sell its drinks toBritain’s pubs and bars. It has grown intoa companywhose turnover exceeds £80mandwhich employsmore than 100people. Cellar Trends has capitalised onbeing a niche, medium-sized distributormarketing and selling a portfolio of 40premium brands such as Campari,Bowmore SingleMalts, Faustino,Jägermeister and Patron Tequila. Thefirm has grown profits by 78% a year,from £1.2m in 2007 to £6.6m in 2010.

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114.24%114.24%PlatPlatPlat33 SUN MARKConsumer products 77.42%

SUNMARK distributes consumerproducts to supermarkets across theworld. It has an own line of items andalso distributes premium goods on behalfof multinational companies such asUnilever, Cadbury and Nestlé. Domesticsales account for only 5%-7% of revenue,with the rest generated from customersin 92 countries. Founded in 1995 bychairman Rami Ranger, the company hasgrown profits by taking inhouse themanufacturing of some of its products,allowing tighter cost control. Profits haverisen by 77% a year, from £979,000 in 2007to £5.5m in 2010.

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114.24%114.24%PlatPlatPlat34 PEACOCK SALTSalt distributor 74.39%

SOURCING, transporting and sellingvarious grades of salt is the business ofPeacock Salt. This ranges from table saltto industrial salt and coarser salt forroad gritting. Customers of the Ayr-headquartered company include privatecompanies, the Highways Agency andlocal authorities, which use salt to helpkeep roads clear of snow and ice. Thecompany, whichwas founded in 1874,estimates that next year winter sales willaccount for about 80% of turnover. Due tothe recent severe winters in the BritishIsles leading to increased sales, profitshave gone up by 74% a year, from£668,000 in 2007 to £3.5m in 2010.

BENBLANKENBURG

Backing Britain’s ride to recovery

LAST YEAR WEBACKED MORETHAN 100,000START-UPBUSINESSES

4 PROFITTRACK100: Private firmswith the fastest-growing profits

Bumpy road: but sports retailer Go Outdoors has driven up profits by 65% a year, helped by banking partner Lloyds’’

Nosing ahead: profits at Audley Travel, which offers holidays such as polar bear watching, are up 83% a year

BBC

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114.24%114.24%PlatPlatPlat35 ASTON MANOR BREWERYBeer and cider brewer 68.97%

THIS company says it is the largestindependent cider maker in the UK.AstonManor Brewery produces ownbrands such as Frosty Jack’s andMalverncider but it alsomakes the drink forsupermarkets. In 2009 the Birmingham-based company bought the Devon CiderCompany from the administrators toincrease capacity. Owned by the Ellisfamily since 1983, the business also sellslager in plastic bottles for concerts andsporting events. Now run by Peter Ellis,the company has grown its profits 69% ayear, from £1.1m in 2006 to £5.1m in 2009.

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114.24%114.24%PlatPlatPlat36 RIXONWAYKitchen manufacturer 67.99%

WORKING predominantly in Britain’saffordable and social housing sector,Rixonway says it makesmore than 12,000kitchen units a week at its Dewsbury,West Yorkshire, manufacturing facility.Founded in 1978, the business has grownorganically with heavy investment inmodernmanufacturing techniques. Itnow employs 400 people, along with ateam of 40 designers. InMay 2006 AugustEquity backed a £27m buyout led bycurrent chief executive Paul Rose. Profitsrose 68% a year, from an annualised£927,000 in 2007 to £4.4m in 2010.

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114.24%114.24%PlatPlatPlat37 POUNDLANDDiscount retailer 67.43%

POUNDLAND is a general-merchandiseretailer sellingmore than 3,000 products,including 1,000 well-known brands. Thecompany has continued to flourish in therecession, addingmore than £100m insales in the year toMarch 2010. It hascontinued its aggressive store-openingprogramme, now operating inmore than300 sites across the country, and plansfurther expansion. Last June theprivate-equity firmWarburg Pincusacquired Poundland in a deal that valuedthe business at a reported £200m. Underchief executive JimMcCarthy, profits attheWestMidlands company have risenby 67% a year, from £4.8m in 2007 to£22.7m in 2010.

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114.24%114.24%PlatPlatPlat38 APEX CREDIT MANAGEMENTDebt purchaser 66.49%

BASED in Stratford-upon-Avon, ApexCreditManagement specialises inproviding outsourced debt collection,tracing absent debtors and recoveringportfolios of debt bought from financialinstitutions. It works with banks such asRBS and Lloyds Banking Group, as well ascredit-card andmotor-finance houses. In2007 AnaCap Financial Partners backed aBimbo (buy-inmanagement buyout —when existingmanagement, along withoutsidemanagers, buy a company) for anundisclosed sum from the credit-management company BCW, appointingNeil Clyne as chief executive. Profits havegrown by 66% a year, from an annualised£832,000 in 2006 to £3.8m in 2009, mainlyas a result of growth in sales.

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114.24%114.24%PlatPlatPlat39 GO OUTDOORSOutdoor equipment retailer 65.28%

THIS business runs 27 stores around thecountry selling equipment for camping,climbing, fishing and cycling trips.Withthe recession forcingmore people to stayin Britain for their holidays, profits haverisen 65% a year, from £1.2m in 2007 to anannualised £5.5m in 2010. Last week theprivate-equity firm 3i took aminoritystake in the firm in a £28m deal. Colin

Holmes, a former Tesco executive, hasbeen appointed chairman, supported byexisting president Paul Caplan and chiefexecutive John Graham.

PlantHirer 114.24%


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114.24%114.24%PlatPlatPlat40 LEASEDRIVE VELOVehicle management 65.04%

CREATED through themerger ofLeasedrive and Velo in 2007, this vehicle-management firm leases a fleet of 42,000cars and vans to blue-chip companiesacross Britain, and counts T-Mobile,Marks & Spencer and British Airwaysamong its customers. It also advisesclients on such issues as cars’ greencredentials, health-and-safety scores, fuelefficiency and taxation. In December thecompany acquired a big competitor,Masterlease, in a deal with Investec,which, it says, will quadruple its size. Ledbymanaging director David Bird, profitsgrew 65% a year, from £700,000 in 2006 to£3.1m in 2009.

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114.24%114.24%PlatPlatPlat41 PCMSIT services provider 64.88%

PCMS is one of Britain’s leadingindependent suppliers of software and ITservices such as disaster-recovery support.Clients generally operate in the retail andfood-service industries, and partnersincludeMicrosoft, Symantec and IBM.

The Coventry firm also has operations inCincinnati, which account for 30% ofturnover, and a software-distributionnetwork covering Europe and the PacificRim. New product developments undermanaging director Richard Smith havehelped profits to rise 65% a year, from£1.3m in 2006 to £6m in 2009.

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114.24%114.24%PlatPlatPlat42 WIRELESS INFRASTRUCTUREWireless tower operator 63.62%

MASTS and rooftop sites across Britainthat provide a signal formobile-phoneand broadband users may be operated byWireless Infrastructure Group. TheScottish company buys the rights toparcels of land or sets up income-sharing deals with landowners to put uptelecoms towers. It says its portfolio ofmore than 1,000 sites and 2,000 leasesaround the countrymakes it thesecond-largest company of its kind inBritain. Under chief executive Scott

Coates, profits have risen 64% a year,from £2.1m in 2006 to £9.2m in 2009,through organic growth and acquisition.

PlantHirer 114.24%


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114.24%114.24%PlatPlatPlat43 PRICECHECK TOILETRIESToiletries wholesaler 62.42%

AS the name suggests, this companyspecialises in toiletries, cosmetics andhousehold goods. Approximately 80% ofits sales are derived from Britain andIreland, with the remaining 20%generated inmainland Europe, Asia,Australia and New Zealand. PricecheckToiletries sells brand-name clearancestocks to value retailers and pharmacies.The companywas founded in Sheffield in1978 by the parents of the current jointmanaging directors, Mark Lythe andDeborahHarrison. A strong emphasis oncontrolling costs has helped thecompany’s profits to increase 62% a year,from £772,000 in 2007 to £3.3m in 2010.

PlantHirer 114.24%


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114.24%114.24%PlatPlatPlat44 REGENT GASCommercial gas supplier 62.24%

MORE THAN 5,000 customers in thecommercial and industrial sectors,ranging from large firms to smallbusinesses such as pubs, hotels andnursing homes, take their gas from thiscompany. London-headquartered RegentGas was founded in 1996 by directors

Nandlal and Deep Valechawith aninvestment of £30,000. The companybuys natural gas on the wholesalemarket, and generally has long-termcontracts of more than one year to sell iton. By keeping its overheads low, thebusiness has succeeded in increasing itscompetitiveness and as a result profitshave grown by 62% a year, from £1.7m in2007 to £7.2m in 2010.

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114.24%114.24%PlatPlatPlat45 OFFICEShoe retailer 61.90%

FROMUgg boots to kitten heels andConverse trainers, Office sells footwearfrom 74 shops and 42 concessions inBritain, as well as from a concession inTopshop’s New York outlet. The companyopened its doors in 1981. Husband-and-wife teamDavid and Liz Casey stockedtheir first London shopwith old officefurniture and named it Office London.The Caseys sold the business to Sir Tom

Hunter’sWest Coast Capital for £15m in2003, before Silverfleet Capital acquiredthe London-headquartered company for areported £140m in December 2010. Underchief executive BrianMcCluskey, profitshave grown 62% a year, from £3.8m in2007 to an annualised £16m in 2010.

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114.24%114.24%PlatPlatPlat46 HEALTHCARE DEVELOPMENTNursing home builder 61.89%

THE business of Healthcare DevelopmentServices is to design, develop and buildnursing homes and care premises acrossBritain. The companywas founded byJohnWhite in 1995 when he decided notto relocate from Gloucestershire with hisemployer. Instead, he used his contactsand experience inmanaging nursing-home building projects to go it alone, andhis company has since completedmorethan 100 contracts. The business, stillbased in Gloucestershire, has grownprofits by 62% a year, from £896,000 in2007 to £3.8m in 2010,mainly due toincreased sales, having won several largetenders, and tight cost control.

PlantHirer 114.24%


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114.24%114.24%PlatPlatPlat47 MICROLEASEElectronic equipment supplier 61.89%

MICROLEASE says it is one of Europe’sleading suppliers of electronic testing andmeasuring equipment to the aerospace,

telecommunications and defencemarkets. Clients include Alcatel-Lucentand Thales. TheMiddlesex companyrents, sells, buys back and servicesequipment across Europe, Africa, theMiddle East and the Americas. Chiefexecutive Nigel Brown led a £30mprimary buyout in 2006, backed by LDC,which injected a further £8m in 2009,when the company bought the Europeanarm of a rival business. Profits have risen62% a year, from an annualised £1.3m in2007 to £5.7m in 2010.

PlantHirer 114.24%


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114.24%114.24%PlatPlatPlat48 IPECOAircraft seat manufacturer 61.82%

THIS is a family-run business, whichdesigns andmanufactures products forthe aerospace and defencemarkets. TheSouthend company’s activities includethemanufacture of flight-deck seats,cabin-attendant seats, executivepassenger seating, galley equipment and

defence electronics. Ipeco is also the solesupplier of flight-deck seating to Boeing.The company has about 600 employees,and, under chief executive SteveJohnson, profits have risen 62% a year,from £1.1m in 2006 to £4.9m in 2009.

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114.24%114.24%PlatPlatPlat49 CHESSTelecoms services provider 61.55%

CHESS buys fixed-line, mobile, broadbandand Voip (voice over internet protocol)products from operators such as BT andCable &Wireless, and resells them topublic-sector organisations and smallbusinesses. The firmwas established in1993, and founder and chief executiveDavid Pollock is pursuing an aggressiveacquisitions strategy with backing fromRoyal Bank of Scotland. Chess hasmade50 acquisitions in the past four years,taking its customer base tomore than20,000. As a result, profits have grown 62%a year, from £1m in 2007 to £4.3m in 2010.

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114.24%114.24%PlatPlatPlat50 CARD FACTORYGreeting card retailer 59.90%

WITHmore than 500 shops in Britain,this fast-growing value retailer sellsgreeting cards, novelty gifts, cuddly toysand seasonal items. It was established 14years ago by husband-and-wife teamDean and Janet Hoyle who started outselling greeting cards from a van. Theexpansionwas funded by internal funds,including buying 74 outlets fromCelebrations Group in 2008. Charterhousebacked a buyout led by chief executiveRichardHayes in April 2010 for a reported£350m. Acquisitions and store openingshave led to profits rising 60% a year, from£12.6m in 2007 to £51.5m in 2010.

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114.24%114.24%PlatPlatPlat51 AESICA PHARMACEUTICALSPharmaceuticals maker 59.39%

THIS firmmakes active ingredients andfinishedmedicines for drug companiessuch as Abbott, Merck and Pfizer. Chiefexecutive Robert Hardy led the buyout ofBASF’s UK drug-making business in 2004backed by LDC. Aesica Pharmaceuticals,which is based in Newcastle, lateracquired plants fromMerck, Abbott andR5 Pharmaceuticals. In December itbought threemore sites in Germany andItaly, doubling its manufacturingcapabilities. This has helped to drive aprofits increase of 59% a year, from £3.2min 2006 to £12.9m in 2009, almost exactlyin line with sales growth.

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114.24%114.24%PlatPlatPlat52 MOUNTAIN WAREHOUSEOutdoor equipment retailer 58.88%

MOUNTAINWAREHOUSE sells clothingand gear for hiking, camping and skiingfrom shops in outlet villages and touristtowns. In the past two years the companyhas openedmore than 50 new stores,bringing the total to 130, including one inVienna and three in Ireland. ManagingdirectorMark Neale founded theLondon-headquartered firm in 1997, andlast year LDC paid an undisclosed sum fora significant stake in the business. Profitshave increased by 59% a year, from £1.9min 2007 to £7.5m in 2010, mainly due to thecompany keeping a tight grip on costcontrol and the availability of cheaperleases on Britain’s high streets as a resultof the recession.

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114.24%114.24%PlatPlatPlat53 JP KNIGHTTug and barge company 58.15%

FOUNDED in 1892 as a tug and bargecompany, JP Knight is now a nicheoperator inmanymaritimemarkets. Led

bymanaging director Richard Knight, thegreat-great nephew of founder JamesPercy Knight, the company owns bargesand tugs that engage in activities asdiverse as providing rescue and salvageto stricken ships in British waters,transporting bauxite by river inSurinam, and towing cruise ships intoInvergordon. Its vessels also serve theenergy sector, providing oil-field support,cable laying andwind-farm construction.Following the acquisition of a rivalbusiness three years ago, the company,based at ChathamHistoric Dockyard, hasgrown profits by 58% a year, from£966,000 in 2006 to £3.8m in 2009.

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114.24%114.24%PlatPlatPlat54 HUTCHINSONSAgronomy adviser 57.29%

HERBERTHUTCHINSON established thisfirm in 1938 as an agrochemicalbusiness, and it is now led by hisgrandson, chairman David Hutchinson.TheWisbech, Cambridgeshire, companyprovides advice and supplies to improvecrop production and hasmore than 130agronomists operating from 21 depotsaround the country. Demand for itsservices from the farming industry hasbeen strong in recent years, which,together with the acquisition ofcomplementary businesses, has helpedprofits to rise 57% a year, from £2.1m in2006 to £8.2m in 2009.

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114.24%114.24%PlatPlatPlat55 PRIORY GROUPSpecialist healthcare 57.17%

ESTABLISHED in 1980, the Priory Group isone of Britain’s largest independentproviders of acutemental-health services,complex care, specialist education andneuro-rehabilitation services. Thecompany operates from 66 sites,providing 3,355 beds across the country,working in partnership with the NHS,local authorities and the private sector.The business was bought from RoyalBank of Scotland by the private-equityfirm Advent International in January thisyear for a reported enterprise value of£925m. Under chief executive PhilipScott, profits grew 57% a year, from£17.3m in 2006 to £67.1m in 2009.

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114.24%114.24%PlatPlatPlat56 WILTON GROUPOffshore services provider 57.12%

MIDDLESBROUGH-BASEDWilton Groupis an engineering company specialisingin the design,manufacture and upgradeof subsea, drilling and production-rigstructures for oil-and-gas companies.Founded by Bill Scott and Steve Glenn in1994,Wilton provides a wide range ofservices and says its order book stands at£30m. In June 2010 Barclays PrivateEquity invested £16m for aminoritystake. The company’s profits grew 57% ayear, from £1.2m in 2007 to £4.8m in 2010,helped in part by increased demandcaused by rising oil prices.

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114.24%114.24%PlatPlatPlat57 BRACE’S BAKERYBaker 57.07%

ESTABLISHED in 1902 by George Brace,thisWelsh bakery is now run by thefourth generation of the family. Brace’shas two bakeries, a state-of-the-artoperation at Pen-y-Fan turning out 6,000loaves per hour and a Croespenmaenbakery that produces bread andwelshcakes. The business, which has depots inEngland andWales, supplies Tesco, Asda,Sainsbury’s andMorrisons as well asmany independent stores. With thecompany’s development of amoreefficient plant undermanaging directorMark Brace, profits have risen 57% a year,from £1.1m in 2006 to £4.1m in 2009.


Growth formula: acquisitions have doubled Aesica Pharmaceutical’s manufacturing capabilities in just a few years

Giles Nicholas of UBS WealthManagement counsels againstkeeping too much money in yourbusiness in today’s economic climate

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114.24%114.24%PlatPlatPlat58 FM CONWAYCivil engineer 56.75%

THE key activity of civil engineering andhighwaymaintenance companyFM Conway is repairing roads. It says itrecycles 95% of all the constructionwasteit produces back into its own projects. TheDartford firmworksmainly for public-sector organisations such as Transport forLondon and the capital’s 33 localauthorities. Managing directorMichaelConway says the company’s expertise inrecycling technology has helped it toundercut rivals, pushing up profits 57% ayear, from £3.1m in 2007 to £11.8m in 2010.

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114.24%114.24%PlatPlatPlat59 SOUTHALL TRAVELTravel agency 56.72%

ORIGINALLY a niche business sellingflights to British Asians travelling toIndia, Southall Travel now arrangesflights and package holidays all over theworld and also offers car hire and travelinsurance. The family firm has awholesale division, TheHoliday Team,and offers corporate travel through itsApplehouse Travel subsidiary. Thecompany says the key to its success is itscall centre, which operates round theclock. Under chief executive KuljinderBahia, who took over in 1997 at the age of24, profits have increased 57% a year, from£2.6m in 2007 to £10.1m in 2010.

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114.24%114.24%PlatPlatPlat60 SURVITEC GROUPSafety equipment maker 56.22%

BASED in Northern Ireland and London,Survitec provides safety and survivalequipment to themarine, defence,aviation and oil-and-gas sectors. Thegroupmakes life rafts, life jackets,submarine escape suits and survival suitsfor customers that include the US NavyandWestlandHelicopters.WarburgPincus backed a secondary buyout inJanuary 2010 for £280m to help fund thecompany’s buy-and-build strategy, and,eightmonths later, it made its first twoacquisitions. Under chief executive DougBaxter, profits grew 56% a year, from £8min 2007 to £30.7m in 2010.

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114.24%114.24%PlatPlatPlat61 JOULESClothing retailer 56.07%

THIS Leicestershire-headquarteredcompany used to sell clothes andwelliesat countrymarkets, saddleries and gardencentres. However, after the founder’s son,Tom Joule, took over in 1994, it has grownboth its presence in the high street — thecompany opened 21 new stores in the past12months, bringing the total to 55 thismonth— and its online operations.Joules also has outlets in Ireland and

distributors in North America andmainland Europe. Profits rose by 56% ayear, from £1.6m in 2007 to £6.1m in 2010,mainly in line with sales growth.

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114.24%114.24%PlatPlatPlat62 BALHOUSIE CARE GROUPCare home operator 55.91%

TONY BANKS started in the business in1992 and in 2005 consolidated his fourcare homes to start Balhousie Care Group.Today the group has 22 facilities, mainlyin eastern Scotland. Twenty of these arecare homes for the elderly and the infirm,serving 696 residents. The other two arespecialist units catering for 40 adults withlearning disabilities and young adultswith challenging behaviour. Profits grewby 56% a year, from £1.1m in 2007 to £4min 2010,mainly as a result of rising sales.

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114.24%114.24%PlatPlatPlat63 ACCESSSoftware consultancy 55.75%

SPECIALISING in business andaccounting software, Access delivers itsservices inmodules such as HR, payroll,cashmanagement andmanufacturing.The Colchester consulting and softwarefirm has 5,000 clients, generallymid-sized businesses, but it has also workedwith the Carbon Trust and Department forEnvironment, Food and Rural Affairs tocreate a way for organisations tomeasuretheir carbon footprint. Under chiefexecutive Chris Bayne, profits have risen56% a year, from £1.3m in 2007 to £5m in2010, partially as a result of acquisitions.

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114.24%114.24%PlatPlatPlat64 RAYMOND BROWNCivil engineer 55.74%

STARTED by its namesake in 1963, theRaymond Brown group’s work rangesfrom infrastructure for wind turbines tomaterials recycling. The civil-engineeringbusiness has a construction division thathas built schools, hotels, warehouses andeven churches across the southwest. Thecompany also operates threemineralquarries. A group reorganisation in 2006has proved successful, and profits rose56% a year, from £1m in 2007 to £3.8m in2010, whenmanaging director KelvinWhite led an RBS-backed buyout for anundisclosed amount.

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114.24%114.24%PlatPlatPlat65 CENTER PARCSHoliday resort operator 55.15%

CENTER PARCS offersmore than 100activities at its four holiday villages inCumbria, Suffolk,Wiltshire andNottinghamshire. It opened its first sitein Britain in 1987 and has recentlyrefurbished half its accommodationunits. The Newark-headquartered

business has also built new, luxury lodgeswith hot tubs and games rooms. Claimingoccupancy rates of 97% all year as a resultof Britons takingmore domesticshort-break holidays at home, chiefexecutiveMartin Dalby has seen profitsgrow 55% a year, from £11.2m in 2007 to£41.7m in 2010.

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114.24%114.24%PlatPlatPlat66 REPUBLICFashion retailer 54.79%

IN 1986 two friends set up shop in a Leedsbasement, trading as Just Jeans. Asdemand for denim faded, they reinventedthe operation as a streetwear chain calledRepublic, selling brands including Diesel,Bench and G-Star. The business nowoperates 113 shops in Britain and Ireland,and in June last year Texas Pacific Groupbacked a £300m tertiary buyout fromChange Capital. Co-founders Carl Brewinsand TimWhitworth still lead the firmand have helped to push up profits 55% ayear, from an annualised £6.2m in 2007 to£23.2m in 2010. The company recentlyappointed former Asda chief executiveAndy Bond as chairman.

PlantHirer 114.24%


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114.24%114.24%PlatPlatPlat67 CHAIN REACTION CYCLESOnline bike retailer 53.58%

THIS Northern Ireland company claimsto have grown into one of the world’sbiggest online bike stores. Founded in1985 by George and JaniceWatson as asmall bicycle shop in the village ofBallynure, Chain Reaction Cycleslaunched its website in 1999. It now sellsbikes and accessories to enthusiasts allover the world from a 100,000 sq ft

warehouse in Doagh, Ballyclare. Run bymanaging director ChrisWatson, son ofthe founders, the company’s burgeoningexports have helped to boost profits 54% ayear, from £2.3m in 2006 to £8.3m in 2009.

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114.24%114.24%PlatPlatPlat68 WHITE STUFFFashion retailer 51.73%

SELLING smart casual clothes andaccessories through 75 stores, wholesaleand online,White Stuff has come a longway since Sean Thomas and GeorgeTreves started selling T-shirts in Vald’Isère in 1985. However, chief executiveSally Baileymaintains that the firm’sphilosophy ofmaking customers happy isstill central to its operations, whether thisis by offering them a cup of tea, providinga concierge service, or donating 1% of thecompany’s profits to small local charities.This approach is proving successful asprofits have grown by 52% a year, from£4.6m in 2007 to £16m in 2010.

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114.24%114.24%PlatPlatPlat69 WELDEXCrane hirer 51.61%

ESTABLISHED in 1979 in Inverness,Weldex has become one of Britain’slargest crawler-crane hire companies.Operating nationwide from threelocations, the company supplies a rangeof cranes with lifting capacity from five to1,350 tonnes for projects including the2012 London Olympics. In June 2010, thebusiness was acquired by Dunedin CapitalPartners in a £100m secondary buyoutfromNVMPrivate Equity. Under founderandmanaging director DougieMcGilvray,and helped by new revenue streams in

onshore and offshore wind farm projects,the company’s profits have risen 52% ayear, from £3m in 2006 to £10.4m in 2009.

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114.24%114.24%PlatPlatPlat70 LEXONPharmaceuticals distributor 51.57%

FOUNDED in 1995 by the four currentdirectors, this Redditch-basedpharmaceutical wholesaler supplies 6,500products to 1,200 independentpharmacies nationwide. In addition, thecompany sells its products to chains suchas Lloyds Pharmacies, Boots and Tesco.Lexon also owns four pharmacy stores intheMidlands,manufactures medicines inBritain and India, and has ventured intointernet retailing with Chemist.net.Withan automated ordering system andfavourablemargins on some linesimported from Europe, Lexon has grownprofits by 52% a year, from £1.5m in 2007to £5.1m in 2010.

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114.24%114.24%PlatPlatPlat71 KELWAYIT services provider 51.47%

THIS London-based IT services providersells computer software and hardware aswell as offering consultancy services ondata-centre setup, network design andtraining. Founded in 1990 by chiefexecutive Phil Doye when he was only 21,the firm hasmore than 2,000 clients. In2006, Core Capital invested £5m for a 25%stake, which has been used tomake fourkey acquisitions. As a result, profits haverisen 51% a year, from £2.1m in 2007 to£7.2m in 2010.

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114.24%114.24%PlatPlatPlat72 RICHMOND GROUPFinancial services provider 51.37%

THE Richmond Group arranges loans forclients who are refused finance bymainstream lenders and banks, and alsoprovides debt-management andinsurance services. The Bournemouthcompany credits its continued success toits ability to quickly adapt its businessmodel tomeetmarket needs. Underfounder andmanaging director JamesBenamor, profits have grown 51% a year,from £6m in 2007 to £20.8m in 2010.

PlantHirer 114.24%


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114.24%114.24%PlatPlatPlat73 THOMSONS ONLINE BENEFITSSoftware developer 51.30%

ROYAL BANKOF SCOTLAND and Ciscouse the online system developed by thisLondon business to administer andcommunicate staff reward schemes. Aswell as pensions, benefits may includehealthcare, extra holidays, childcarevouchers or cycle-to-work schemes.Thomsons says its system helps firms tocut costs and retain staff. Chief executiveMichaelWhitfield andmanaging directorChris Bruce founded the company in 2000with Pi Capital buying a 48% stake for£5m in 2004. Profits grew 51% a year, from£982,000 in 2006 to £3.4m in 2009.

PlantHirer 114.24%


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114.24%114.24%PlatPlatPlat74 BRITPARTCar parts supplier 51.06%

THIS Shropshire company is anindependent wholesaler of parts andaccessories for all types of Land Rovervehicles. By concentrating on developingits overseas markets, Britpart hasdeveloped a worldwide customer basenumberingmore than 800, ranging fromgovernment agencies to trade outlets.Through brand development and bysupplying a wide range of parts, thecompany’s profits have risen by 51% ayear, from £2.1m in 2007 to £7.1m in 2010under the leadership of founder andchairmanDavid Beddow.

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114.24%114.24%PlatPlatPlat75 RAINHAMIndustrial services provider 50.81%

BASED in Tilbury, Essex, this companyprimarily offers outsourcedmaintenanceand repair services to the power-generation and waste-to-energymarkets.Rainham Industrial Services has recentlywon contracts for heating and ventilationworkwith clients such as Balfour Beattyand Designer Group, the engineeringcontractor. Thismulti-service capacityhas helped profits to grow 51% a year,from £1.1m in 2006 to £3.8m in 2009. Ledby chief executive TimMcCarthy, thebusiness continues to grow bothorganically and through acquisition.

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114.24%114.24%PlatPlatPlat76 COLTVentilation systems provider 50.62%

JACKO'HEA founded Colt in 1931. TheHampshire firm designs andmanufactures ventilation systems,architectural solar shading, louvres andsmoke and climate-control systems.Recent contracts include creating a glassroof for the city of The Hague’s centralstation, and a louvre for a skyscraper inHo ChiMinh City. The company hasoffices in 75 countries, includingGermany, Kuwait, Qatar, China, Japanand Chile. Still owned by the O’Heafamily, Colt increased profits 51% a year,from £2.1m in 2006 to £7.2m in 2009,under chief executive Antoine Ligtvoet.

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114.24%114.24%PlatPlatPlat77 ZENITH PROVECTAVehicle leasing services 49.06%

MORE than 27,000 vehicles belonging tocorporate clients aremanaged by ZenithProvecta. After several years of strongorganic growth, the vehicle-leasing andfleet-management business completed itsfirst acquisition in 2008when it boughtrival firm Provecta for an undisclosedsum.Morgan Stanley backed a fourthbuyout of the company from BarclaysPrivate Equity in August 2010, taking a60% stake for a reported £85m. Underexecutive chairman Andrew Cope, profitshave risen 49% a year, from £2.8m in 2007to £9.3m in 2010.

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114.24%114.24%PlatPlatPlat78 AIRLINE SERVICESAirline services provider 48.12%

FORmore than 25 years Airline Serviceshas been providing aircraft services suchas de-icing and cleaning cabin curtainsand seats. The company also supplies andrepairs electronics such as seat-backentertainment systems and kitchenequipment. TheManchester firm hasmore than 100 client airlines, includingSAS and Air France, operating at nineBritish airports. It also exports parts suchas wheels and brakes to Russia and otherformer Soviet Union states. Profits underchief executive Bryan Bodek have risen48% a year, from an annualised £1m in2006 to £3.3m in 2009.

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114.24%114.24%PlatPlatPlat79 JACK WILLSFashion retailer 47.85%

FOUNDED in 1999 in Devon by friendsPeterWilliams and Rob Shaw to sell arange of stylish clothing, this fashionretailer now has 45 stores across Britain,Ireland and America. Branding the chainas the “university outfitters” and settingup in affluentmarket towns acrossBritain, the firm puts growth down togeographical expansion andmarketing,such as sponsoring “brand ambassadors”at universities and ski resorts. In 2007Inflexion purchased a 27% stake for anundisclosed sum. Profits grew 48% a year,from £2.7m in 2007 to £8.6m in 2010.

After 30 years spentpouring ideas andenergy into hisrecruitment busi-ness for the oil-

and-gas sector, the time wasright for Ian Langley to reap therewards of his enterprise.In August 2009 Langley, the

executive chairman, and twoother original shareholders,including chief executiveDuncan Gregson, sold a 50%stake in their company, AirEnergi, which is at No 89 onthis year’s Profit Track 100, toZeus Private Equity. The deal,which valued the business at£30m, allowed the co-foundersto release wealth from a ven-ture that supplies project teamsand other manpower servicesto clients such as Exxon Mobiland Conoco Phillips.Langley and the other share-

holders were among a selectbandof entrepreneurswho con-cluded a buyout during thedarkest days of the recession.The transaction enabled one

of the directors to retire with ashare of the value he hadhelped to create, according toLangley. It also brought thechance to offer senior man-agers a share in the business, asboth an incentive and a reward.And, at a time of unprece-dented economic turmoil, itallowed Langley to take someof the risk out of his financialholdings by putting part of hiswealth into other assets,including property.Many entrepreneurs have

been shocked by how fast somethriving firms were destroyedby the credit crunch and itsaftermath. So as private-equitybuyers becomemore active and

valuations improve, they aretaking the opportunity torelease some of the value theyhave created.Partingwith a stake in a pre-

cious venture is never easy, butfounders such as those on theProfit Track 100 understand theimportance of securing theirpersonal financial future inuncertain times.Some of those who have

made impressive gains fromtheir own venture, may find ithard to come to terms with therelatively smaller returnsoffered by other investments orasset classes, especially whileinterest rates remain low. Butafter thinking carefully aboutthe hazards of having all ormost of their wealth investedin their business, most entre-preneurs recognise that astrategy for “taking some chips

off the table”makes good sense.They realise that a sensiblewealth policy involvesaccepting the risks inevitablyattached to business ownershipandplanning tominimise theirpotential impact.Langley insists that his deci-

sion toplay safewas straightfor-ward. Selling a stake in AirEnergi has released wealth forfamily and property interests,

he says. He has retained a 28%stake in the business and, withno plans to retire, he can stillbenefit financially from hisinvolvement with the firm’sstrategic development.In addition, the cash injec-

tion from Zeus, which hassince been renamed PalatinePrivate Equity, has helped tosupport Air Energi’s overseasexpansion.

Taking money out of acompany via a partial exit isoften a sensible strategy bothfor the business and itsfounders. The venture benefitsfrom fresh funds at each phaseof its growth, while owner-managers avoid staking theirholdings on a single deal thatmight not take place at the topof themarket.Several other entrepreneurs

from this year’s Profit Track 100have also protected their hold-ings and promoted growth byselling their business in stages.Last June, for example, Bill

Scott sold a big minority stakeof Wilton Group, the engi-neering firm at No 56 on theleague table, to Barclays PrivateEquity for £16m. And in 2007Peter Williams took advantageof a buoyant market to sell a

minority stake in his preppyclothing business Jack Wills(No 79) to Inflexion PrivateEquity. The company is noweyeing expansion into Americaand Asia.Of course, partial exits them-

selves can raise risks. Whenentrepreneurs sell a slice oftheir business they bring othershareholders into the board-roomwhohave their ownobjec-tives. Getting good advice onsuch important transactions isvital. UBS Wealth Manage-ment specialises in this field,addressing both the corporateand personal financial issuesinvolved.The corporate advisory

group at UBS Wealth Manage-ment offers mergers-and-acquisitions advice that canhelp company owners to pre-pare for a successful sale orpartial exit as the marketimproves or help them to raisecapital to grow their business.Over the past two years

many private companies havesimply focused on survival. Asthe market for corporateactivity gains strength, how-ever, many entrepreneurs willhave the flexibility to considerbalancing risk and reward.Ian Langley and several

others on the Profit Track 100have already seized themoment to release wealth forthemselves, their investors andtheir managers. And Langleyadmits to being amazed by thenumber of 65-year-oldswho areholding out for a better priceinstead of enjoying the wealththey have already created.As the market improves,

many entrepreneurs will belooking more seriously at hisgood example.n Giles Nicholas, managingdirector at UBS Wealth Manage-ment in London, was talking toCatherineWheatley

Knowing the drill: Ian Langley, inset, whose Air Energi supplies expert staff to the oil-and-gas sector, sold part of his stake

6 PROFITTRACK100: Private firmswith the fastest-growing profits

Rising to the occasion: Brace’s Bakery supplies all the big supermarkets

Pedalling his wares: Chris Watson of the online bike shop Chain Reaction

How to unlockthe wealth inyour company

JUSTINKERNOGHAN

ALAMY

Now in its sixth year, Ones toRecognise seeks to identifyfirms that for one reason oranother do not make it ontothe main Profit Track 100

league table, but deserve to be acknowl-edged. Companies are selected on thestrength of their management, as well aschallenges overcome, innovation, pastgrowth and future prospects. Many go onto feature on the main table, and we aredelighted to see that Moonpig.com,which featured in last year’s Ones toRecognise, has done just that.This year’s companies operate in

diverse sectors, but are united by somecommon themes. As feelings of economicuncertainty gather pace, it seems manyfirms are pursuing opportunities over-seas and focusing on innovation as waystoweather the storm. Some, suchas shoe-maker Dr Martens, have seen impressiveturnrounds, aided in part by the appoint-ment of newmanagement.Dr Martens’ iconic Airwair boots were

popular in the 1980s but a decade agodemand dropped sharply and productionfell from 10m pairs at its peak in 1999 to3m in 2005. The company appointed new

management, including chief executiveDavid Suddens, and reduced costs by out-sourcingmost of its manufacturing over-seas, allowing it to focus its efforts onpromoting the brand. Dr Martens is nowon track tomore than double its profits in2011, to almost £19m.Fashion accessories supplier Icon Live

has also seen impressive growth over thepast eight years, with sales growing from£13m in 2003 to £87m in 2010. The com-pany supplies leading retailers in Britain,continental Europe and Asia and has alsoacquired a licence to supply souvenirs forthe London 2012 Olympic Games. Itrecently appointed new managementand is projecting revenues of up to £250min the next four years, on the back of itsinternational growth in concessions andlicensing.International expansion is common to

mostof this year’sOnes toRecognise com-panies. Restaurateur Zuma, which oper-ates three high-end Japanese restaurantsin London, as well as five overseas, sawits international sales account for 51%of company turnover in 2009. These are

expected to grow from £42m in 2009 to£70m by the end of 2011.Rayner, a manufacturer of intraocular

lenses, is also expecting to see growth inoverseas markets. The company makesand exports its specialist lens, which isinserted into the eyes of patients who

have had cataract operations. The com-pany is the only British manufacturer ofthe lens and has invested heavily intechnology and a new production facilityon the south coast, which it plans todevelop over the next three years. Profitshave almost doubled in the past threeyears to £6.8m, and its innovative lensdivision is expected to keep growing.Expanding through innovation is

another theme in this year’s list, welldemonstrated by Metaswitch Networks.The company provides next-generationvoice applications, infrastructure andtelephony software. A third of its staffwork in R&D, and it has positioned itselfso that its technology isvital to the 4Gnet-works ofmany operators. In 2010 revenue

and operating profit grew to £82.4m and£8.1m, respectively. About 98% of its rev-enue is generated overseas, and the com-pany aims to benefit from the demand forvoice services to be transmitted throughvoice over internet protocol, or Voip.All 10 finalists in this year’s Ones to

Recognise have battled the economic tur-moil face-on, and appear well positionedfor future growth.We at PwC are encour-aged by the amount of internationalactivity, innovation and tough decision-making the companies represent.n SuziWoolfson, a partner at PwCwho workswith entrepreneurial companies, was talkingto Naomi Colegate. The companies featured inthis report are not endorsed, guaranteed orrecommended by PwC

Suzi Woolfson of PwC on 10companies that did not makethe main league table, butstill had impressive growth

BENRIACH DISTILLERY Whisky distiller Edinburgh Dec 09 3,732 15,072 32

CPL AROMAS Fragrance maker Hertfordshire Mar 10 6,494 47,179 302

DDD GROUP Pharmaceutical maker Watford Dec 09 3,175 33,294 217

DR MARTENS Shoe maker Northants Mar 10 8,618 82,917 264

HTI Toy manufacturer Lancashire Mar 10 5,645 66,190 172

ICON LIVE Fashion accessories West Sussex Feb 10 5,419† 87,301† 1687

METASWITCH NETWORKS Communications goods Enfield Aug 10 8,093 82,400 523

RAYNER Intraocular lens maker Bucks Dec 09 6,782 47,003 885

SHEFFIELD FORGEMASTERS Steel manufacturer Sheffield Jun 10 9,483 104,831 797

ZUMA GROUP Restaurateur London Dec 09 11,000 42,000 1000


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114.24%114.24%PlatPlatPlat80 ARGUS MEDIAMarket data publisher 47.75%

THE business of Argus Media is toprovide price assessments, businessintelligence andmarket data on theinternational energymarkets. Its servicesaremainly used bymultinationalcompanies that buy or sell fuels, such asShell, BP, Air France and Goldman Sachs,but clients have also included thegovernments of the US, Saudi Arabia andIndonesia. Argus has 17 offices spreadaround the globe, fromHouston toMoscow, Beijing and Sydney. AdrianBinks, chairman and chief executive, hasoverseen profit growth of 48% a year,from £5.4m in 2007 to £17.4m in 2010.

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114.24%114.24%PlatPlatPlat81 CURRIE & BROWN GROUPConstruction consultancy 47.12%

FOUNDED in 1876 as a quantity-surveyingpartnership, this firm nowworks withthe likes of Marks & Spencer, Glaxo SmithKline and the BBC to bring constructionprojects in on budget. London-basedCurrie & Brown is employee-owned andgeneratesmore than half its revenuesoverseas. This has taken it into higher-margin sectors and emergingmarkets,such as India and the United ArabEmirates. Recent projects include theredevelopment of the BBC’s BroadcastingHouse in London and the Yas IslandFormula One circuit in Abu Dhabi. Profitshave grown 47% a year, from anannualised £1.6m in 2006 to £5m in 2009.

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114.24%114.24%PlatPlatPlat82 OPALFinancial services provider 46.64%

OPAL provides outsourced services to thefinancial and insurance sectors. From itsservice centre, it handles administrationand customer support for investment,pension and protection products sold bycompanies such as RBS, Investec andDirect Line. The company claims it is ableto launch a new fully outsourced productor service within one or twomonths.Based in St Albans and led by chiefexecutive Tony Collins, Opal has grownits profits by 47% a year, from £1.2m in2007 to £3.8m in 2010.

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114.24%114.24%PlatPlatPlat83 FARROW & BALLWallpaper and paint maker 45.61%

CHEMISTS John Farrow and Richard Ballset up this business in the 1930s. It makesa range of 132 paint colours with namessuch asMouse’s Back and Breakfast RoomGreen. Soldmainly to upmarket homedecorators, the company’s 11 differentpaint finishes have also been used in therestoration of buildings such as St Paul’sCathedral. Led by chief executive DonHenshall, profits increased by 46% a year,from an annualised £1.9m in 2007 to£5.9m in 2010,mainly as a result ofinvestment inmanufacturing facilitiesand a store-opening programme, initiatedby an £80mmanagement buyout in 2006that was backed by European Capital.

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114.24%114.24%PlatPlatPlat84 XLN TELECOMTelecoms services provider 44.86%

CHIEF EXECUTIVE Christian Nellemannco-founded this London company in 2002to provide small businesses with cheaperphone calls and line rental rates. Sincethen, it has expanded into broadbandservices,mobile phones and evenelectricity and gas. The private-equitygroup ECI Partners backed a £78msecondary buyout from Zeus PrivateEquity in September. Assisted byeconomies of scale, profits grew 45% ayear, from £3.2m in 2007 to £9.8m in 2010.

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114.24%114.24%PlatPlatPlat85 CRAEGMOORCare home operator 44.78%

THISWorcester company operates 250care homes, independent hospitals andsupported-living services throughout theUK. Craegmoor specialises in helping theelderly and people with dementia, autism,behavioural problems andmental-healthissues, either in residential facilities or bysupporting independent living. FormerWH Smith stores director Ted Smithjoined the firm in 2004 and has focused onimproving quality of service,managementand staff training. Partnerships with localauthorities and reduced staff turnoverhelped profits to grow 45% a year, from£7.9m in 2006 to £24m in 2009.

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114.24%114.24%PlatPlatPlat86 HOLYHEAD GROUPBoat builder and operator 44.74%

FOUNDED by JohnMeade in 1962, thisNorthWales headquartered companyrepairs and refits tugs, pilot boats andcrew boats. It also builds boats, fromtourist ferries to patrol craft used by theRoyalMarines andMinistry of DefencePolice. In addition, Holyhead providesboats for the transfer of crew betweenships and oil platforms in places such astheMediterranean, the Gulf and theCaspian Sea. Now led byMarkMeade, thefounder’s son, the group has grown itsprofits 45% a year, from £2.6m in 2006 to£7.8m in 2009.

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114.24%114.24%PlatPlatPlat87 BRIGGS & FORRESTER GROUPBuilding services contractor 44.64%

PROVIDING a range of engineering,design, installation and carbon-reductionservices to the construction industry hasmade Briggs & Forrester a leading playerin its field. It typically provides all themechanical and electrical services in abuilding, including green energy options.The companywas established in 1947, andhas grown steadily in the past 10 years,servicing clients such as Sir RobertMcAlpine, Bovis Lend Lease, Galliford TryandMorgan Sindall. Under chairmanMike Stanton, profits have increased 45%a year, from £2m in 2006 to £6m in 2009.

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114.24%114.24%PlatPlatPlat88 TANGERINE CONFECTIONERYConfectionery maker 44.63%

TANGERINE CONFECTIONERY producesa range of confectionery, includingButterkist popcorn and Barratt sherbetfountains. The business has sevenproduction sites and employsmore than1,300 people. Chairman Steven Joseph ledthe buyout of Toms Gruppen’s Britishoperations five years ago, backed byGrowth Capital Partners. The Blackpool-headquartered company has since boughtunderperforming divisions from BurtonFoods and Cadbury. This has helpedprofits to grow by 45% a year, from £3.1min 2006 to £9.3m in 2009.

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114.24%114.24%PlatPlatPlat89 AIR ENERGITechnical personnel provider 44.54%

MANCHESTER-BASED Air Energiprovides engineering and technical staffto the oil-and-gas industries. It relies onmaintaining relationships with energygiants such as Shell and BP to secureprojects across the world. In August 2009chairman Ian Langley and chiefexecutive Duncan Gregson led a £30mmanagement buyout with backing fromZeus Private Equity. The recent buy-backof franchises in the Far East, and savingsmade by employingmore local staff foroverseas operations, both contributed to aprofit growth of 45% a year, from £2m in2006 to £6m in 2009.

TheBen RiachDistillery Companywas founded in 2004when itsmanagement acquired the distillery fromPernod Ricardfor £5.4m. Its range of singlemalts has beenwell received bywhisky devotees, and in 2008 it acquired Glen Dronach distillery.Led bywhisky entrepreneur BillyWalker, the company is now focusing on boosting sales in emergingmarkets.

CPLAromas is a family-owned fragrance house that operates from 17 locationsworldwide. It supplies companies such asYardley andAgent Provocateur, and has developedAromaguard, fragrances that can eliminate bad smells, and Eco Boost,which reduces a product’s carbon footprint. Profitsmore than doubled in the last three years thanks to international growth.

Involved in the development,manufacture and distribution of pharmaceutical and toiletry products, DDDGroup counts theBody Shop andSuperdrug as customers, and says its export service distributes tomore than 40 countries. The companywasfounded 99 years ago and is led by groupmanaging director TomHorner. Its brand portfolio includes Astral handcream.

A symbol of rebellion formore than 50 years,many a punk has been pictured in the iconic DrMartens boots. Now they areback in fashion after a sharp decline in the six years to 2005. Chief executive David Suddens has outsourcedmanufacturingand cut costs. Growth is expected internationally, as well as through designer collaborations and a new online store.

HTI designs andmanufactures toys for big retailers and distributors. Led by chief executive JohnHutt, the company has awide portfolio of licensed and in-house brands, including Toy Story and Peppa Pig. It has offices in Britain, Germany andChinaand supplies toys to 70 countries. Its overseas expansionwill focus on continental Europe, Asia Pacific and the Americas.

Founders Carly Read and Valerie Scott set up Icon Live in 2002 to design fashion jewellery for the high street. It operatesconcessions in large grocery stores and recentlywon a licence tomake London 2012 souvenirs. Sales are projected to reach£250m in four years’ time through overseas expansion and the development of its own premium jewellery brand.

MetaswitchNetworks provides telephony software products for usewith next-generation voice applications. A third of its staffare dedicated to research and development, and its systems are used in 500 fixed andmobile networksworldwide, includingthose of AT&T, BT and Sprint. Francisco Partners and Sequoia Capital acquired amajority share of the business in 2008.

In 1949Rayner developed theworld's first intraocular lens, creating a revolution in ophthalmology and helping to restoresight to cataract sufferers. It remains the only Britishmanufacturer of the specialist lens, and runs a chain of opticians aswellas awholesale operation. International growth is expected in America and the Far East.

Sheffield Forgemastersmanufactures high-integrity cast and forged steel components aswell as steel ingots. GrahamHoneyman, the chief executive, led amanagement buyout in 2005, and changed group strategy to focus on themanufactureof components for sectors, including offshore oil and gas, and power generation, helping to boost profitability.

ZumaGroup operates upmarket Japanese restaurants Zuma and Roka, which servemodern Japanese food in design-ledsurroundings. Growth is due to new restaurants in CanaryWharf, Miami, Istanbul, Dubai and Hong Kong. Founded and led byRainer Becker andArjunWaney, turnover is projected to exceed £70m in 2011with another restaurant due to open in Bangkok.

*Profits are defined as latest available operating profit with directors' remuneration added back †Annualised figure

Ones to recognise

Ones to Recognise showcases aselection of companies thatmaynot have achieved theminimum42%annual profit growth overthree years of this year’s ProfitTrack 100, but have either had, orpredict, good profit growth.A judging panel, including Luke

Johnson, the serial entrepreneurand chairman of Risk CapitalPartners, and Hamish Stevenson,the founder of Fast Track, willselect awinner to receive a specialaward at the national awardsdinner in June.

Location Year Profits* SalesCompany Activity of HQ end £000s £000s Staff

Firms to watch in future

BEST OF THE REST

THE 12th annual Profit Track 100 leaguetable and networking-events programmeis produced by Fast Track, Britain’sleading networking company thatfocuses on top-performing privatecompanies and entrepreneurs.Fast Track researches and publishes

seven annual league tableswith TheSunday Times, ranking the fastest-growing to the biggest privatecompanies. It organises invitation-only events and dinners for their owners

and directors to network andmeet oursponsors. Fast Track is run by Dr HamishStevenson, who has an associatefellowship at Green Templeton College,Oxford University. The Profit Trackresearchwasmanaged by Eva GronbechandMike Harding.Fast Track’s sole source of revenue is

fromsponsors.Wewould therefore liketo thank PwC for its title sponsorshipduring all 12 years of the Profit Track100, and Lloyds Bank CorporateMarkets

andUBSWealthManagement for theirsponsorship over the past nine years.Nominations for next year’s Profit

Track 100 can bemade through ourwebsitewww.fasttrack.co.uk or sent to:

Fast Track,Angel Court, 81 St Clements,Oxford OX4 1AW

Phone: 01865 297100Fax: 01865 297001Email: [email protected]

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114.24%114.24%PlatPlatPlat94 MARLBOROUGH COMMSCommunications provider 43.83%

BASED near Gatwick airport, this firmdesigns and develops communicationsequipment for theMinistry of Defence.Other clients include defence andsurveillance agencies of several Natocountries.Marlborough Communications,

owned by joint chairmen Adrian Patrickand David Elcock, has experienced asurge of orders for equipment to be usedin Afghanistan. Tight cost control andrising sales have boosted profits by 44% ayear, from £1.2m in 2006 to £3.7m in 2009.

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114.24%114.24%PlatPlatPlat95 THE CONSORTIUMCare products supplier 43.12%

NURSERIES, schools, colleges and carehomes can buy almost everything theyneed from The Consortium. TheWiltshirecompany sells textbooks, stationery,desks, photocopiers and hygiene supplies.It also offers professional services such ascatering, vehicle leasing, IT installationandwaste recycling. Founded in 1971 as apublic-sector buying consortium, thebusiness became a private company afteramanagement buyout in 1995. Led bychief executiveMelanie Teal, profits havegrown 43% a year, from £1.8m in 2006 to£5.4m in 2009,mainly as a result ofeconomies of scale.

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114.24%114.24%PlatPlatPlat96 PRATERConstruction contractor 42.90%

FORMERLY a roofing contractor, Praterhas diversified over the past 15 years tobecome an “envelope” contractor — a

specialist in the building of walls androofs for new buildings. It has provideddesign and construction services for awide range of notable projects, includingthe Emirates Stadium for ArsenalFootball Club, Pier 6 at Gatwick airportand KingsWaterfront in Liverpool. Thebusiness, which is headquartered inSurrey, has various operations around thecountry and opened a new office inBathgate,West Lothian, lastmonth. Atpresent the company is working on anumber of structures for the 2012Olympics. Under chairmanMichaelPrater tight cost control has helped to liftprofits by 43% a year, from £2.7m in 2006to £7.9m in 2009.

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114.24%114.24%PlatPlatPlat97 MORGAN LAW RECRUITMENTRecruitment consultancy 42.71%

DAVIDMORGAN and Simon Law’s firmhas grown each year since it was foundedin 2000 by recruiting for the public andnot-for-profit sectors only. Clientsinclude the NHS, the Department forEnvironment, Food and Rural Affairs, andSouthwark and Croydon councils. Lastyear, the London-headquartered firmexpanded its client base to include theprivate sector and it now also suppliesboard-level executives and procurementprofessionals. Profits have risen 43% ayear, from £1.5m in 2006 to £4.3m in 2009.

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114.24%114.24%PlatPlatPlat90 THE RANGEDiscount retailer 44.53%

FOUNDER Chris Dawson started hisbusiness career trading out of a suitcasein open-air markets. The Range nowhas52 stores in the UK, selling cut-pricehome and leisure items. It recentlylaunched financial products such asmortgages, insurance and pensions, withwhich it hopes to compete with similarservices provided by the biggersupermarkets. The Plymouth company’sstrategy of singling out less desirable —and hence, more affordable — land plotsand converting them into successfuloutlets, has helped profits to grow 45% ayear, from £7m in 2007 to £21.1m in 2010.

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114.24%114.24%PlatPlatPlat91 BENFIELD MOTOR GROUPCar dealer 44.52%

THE BenfieldMotor Group was foundedin 1957 by the late John Squires as a used-car garage in Newcastle upon Tyne. Nowit has 30 dealerships across northernEngland and Scotland offering awiderange ofmarques, including VW, Fordand Toyota. The company is still ownedby the Squires family and chaired by thefounder’s son, John. Nigel McMinn joinedin 2006 as the first non-familymanagingdirector. Benfield has more than 1,000staff and, helped by the government’sscrappage scheme, profits rose by 45% ayear, from £3.1m in 2006 to £9.3m in 2009.

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114.24%114.24%PlatPlatPlat92 BEARDOW ADAMSAdhesive supplier 44.51%

THISMilton Keynes company suppliesadhesives for packaging, labels, woodwork,bookbinding and product assembly tocustomers such as Kellogg’s and Coca-Cola. The firmwas set up 34 years ago andhas a six-strong development team thatcreates its own adhesives. At least 70% ofsales are international, with products sold

all over the world. After a series ofacquisitions andwith growing demandfrom overseas, chairman andmanagingdirector Bob Adams has overseen a rise inprofits of 45% a year, from £1.4m in 2006to £4.3m in 2009.

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114.24%114.24%PlatPlatPlat93 HOBBYCRAFT GROUPCraft goods retailer 44.16%

BRITAIN’s largest chain of arts-and-craftssuperstores was founded in Dorset in1995. Today Hobbycraft has 51 storesaround the country, sellingmore than35,000 items. The firm is the first nationalarts-and-crafts retailer to cater formorethan 250 activities under one roof,including framing, tapestry, needleworkand knitting. The company, based nearBournemouth airport, was acquired byBridgepoint in amanagement buyout foran undisclosed sum in April last year.Chief executive CatrionaMarshall reportsthat profits have risen by 44% a year, from£3.9m in 2007 to £11.5m in 2010.

8 PROFITTRACK100: Private firmswith the fastest-growingprofits

Art house: Hobbycraft has 51 stores in Britain and profits are rising 44% a year

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114.24%114.24%PlatPlatPlat98 BOND AVIATION GROUPHelicopter operator 42.32%

FOUNDED in 1999 by brothers Peter andStephen Bond, this business flies workersto offshore drilling rigs for firms such asBP and Conoco Phillips. It also providesinland services for ambulance, fire andpolice support operations, modifieshelicopters for third parties and offerstraining courses. Profits have grown 42% ayear, from £6.4m in 2007 to £18.4m in 2010,due to the acquisition of more helicoptersfor further long-term contracts.

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114.24%114.24%PlatPlatPlat99 JOE BROWNSMail-order fashion retailer 42.27%

MANAGING director Simon Brown set upJoe Browns in 1998 as a feel-good lifestylebrand formen. The Leeds company laterintroduced casual clothing for women,which now accounts for 65% of sales. Thefirm says it has 800,000 customers, whoreceivemonthly catalogues, althoughmost order online. Joe Browns also sellsto other retailers in Britain and Germany.Profits have grown 42% a year, from£1.6m in 2007 to £4.5m in 2010, mainlydue to tight cost control.

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114.24%114.24%PlatPlatPlat100 THUNDERHEADSoftware developer 42.12%

THIS London company, founded by chiefexecutive GlenManchester in 2001,provides software to the likes of Saga,Barclays and American Express thatenables these businesses to sendpersonalised, relevantmessages tocustomers, such as reminders to paycredit-card bills. Thunderhead offers asingle programme thatmanagescommunications sent either by post,email or text message. Strong salesgrowth in America and falling unit costshave helped profits to grow 42% a year,from £1.3m in 2006 to £3.6m in 2009.

THE SUNDAY TIMES PWC PROFIT TRACK 100

KELLYSILLASTE

2011 profittrack1 00

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