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Research report 2019Britain's private companies with the fastest-growing profits

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Profit Track 100 research report 2019 i

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CONTENTS

INTRODUCTION 1Top 10 Profit Track 100 companies

EXECUTIVE SUMMARY 2Overview Key themes KEY STATISTICS 3Growth in profits Margins 4Sales Staff and job creation 5 Regional breakdown Foundation datesSector breakdown 6Industry breakdown Ownership 7Sustained growth

KEY THEMES AND SELECTED PROFILES 8International expansionRegional stars 9Founder-led companies 10Building and construction 11Growth by acquisition & merger 12Ecommerce 13Brands 14

TWENTY YEARS OF PROFIT TRACK 100 15Then and now: 2000 vs 2019 Rich list Sustained growth companies 16 FailuresPROFIT TRACK 100 ALUMNI 17Stock market flotationsMergers & acquisitions 18Companies that have remained private 19 2019 LEAGUE TABLES 20Profit Track 100 league table Ones to Watch 24

METHODOLOGY 25

SUPPORTERS 26 Media partner Sponsors 27

ABOUT FAST TRACK 28Compiler & publisher The authors Fast Track 29

CONTACT DETAILS 29

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Profit Track 100 research report 2019 1

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Online travel agency Loveholidays (No 1) tops the Profit Track 100 with an average profit growth over the past three years of 191% pa

INTRODUCTIONThis is the 20th year of The Sunday Times Profit Track 100 league table, which ranks Britain’s private companies with the fastest-growing profits. BDO is the title sponsor of the league table, and Santander Corporate & Commercial and UBS Wealth Management are main sponsors.

The 2019 Profit Track 100 ranks companies based on their average operating profit growth over three years, either from 2014 to 2017, or 2015 to 2018, depending on the companies’ latest available accounts.

Over the past 20 years, the Profit Track 100 has become the definitive barometer of privately-owned companies in the UK, with the fastest-growing profits in excess of £3m; and has featured many companies that have gone on to greater success. Past stars include Dyson, which featured in our inaugural league table with profits of £24m and reported ebitda profits of £1.1bn in 2018; and Bet365, which first featured in 2009 with profits of £25m and reported profits of £660m in 2018.

1,500 companies have featured on the Profit Track 100 over the 20 years. Fifty companies have floated, 360 have been acquired, and 120 have gone bust.

This year’s 100 companies achieved, on average, profit growth of 78% a year over their last three years of accounts, to a total of £840m in 2017/18. Together the companies employ 43,400 staff, and have added 14,200 jobs over the last three years.

These figures show the important contribution of the Profit Track 100 firms to the British economy.

1 LoveholidaysOnline travel agency Central London Oct 18 190.96% 13,350 64,413 292 2012 In May 2018, Livingbridge acquired a majority

stake valuing the company at £180m

2[46]

GymsharkFitness clothing retailer Solihull Jul 18 151.76% *18,094 *103,612 260 2012 Has launched a 'try now, pay later' service in

its UK and Scandinavia markets

3 Revolution Beauty Beauty products retailer Kent Dec 17 136.80% 11,486 71,788 94 2013 US celebrity Khloe Kardashian has praised

one of the brand’s £3 highlighters

4 Arlington Industries GroupComponents supplier Manchester Mar 18 129.44% 6,160 171,210 1,074 2013 Acquired international automotive

manufacturer Magal Engineering in 2017

5 AerFinAircraft and spares services Caerphilly Dec 17 129.11% 8,001 70,151 87 2010 Chief executive Bob James was awarded an

OBE at the Queen's Birthday Honours in 2018

6[10]

blu-3Infrastructure provider Kent Mar 18 126.30% 9,930 105,818 115 2004 Works on data centre projects in Denmark,

Ireland and Holland

7 HalsionElectrical & mechanical engineering Canterbury Mar 18 116.83% 16,327 58,332 78 1996 Installed a data and security system in the

UK Supreme Court

8 Princess YachtsLuxury yacht builder Plymouth Dec 17 114.29% 10,884 274,446 2,407 1965 Offers advanced apprenticeships in

engineering, boat building and fabricating

9 Corin OrthopaedicsOrthopaedic parts maker Cirencester Dec 17 108.57% 7,431 105,729 474 1985 Its new hip implant was cleared for sale in

America in 2018

10 VSI GroupLanguage services provider Central London Dec 17 107.84% 6,633 45,026 112 1989 Localises more than 200,000 hours of

programming into over 50 languages each year

Rank2019

FYEHQ locationActivity[2018]Company

Annual profit growth over

3 yrs

Latest profits £000 Staff Founded Comment

Top 10 companies on the league table

Profits = operating profit * supplied by company

Latest sales

£000


Profit Track 100 research report 2019


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EXECUTIVE SUMMARY

Overview• The Profit Track 100 companies, on average, increased their

profits 78% a year over the last three years of accounts, from a total of £160m to £840m

• Profit growth across the companies has been driven mainly by an improvement in reported margins. These have increased to an average of 15% in their latest year, from an average of 7.1% three years ago

• Combined sales of the 100 companies were up by 31% over the last three years of available accounts, from a total of £4.8bn to £8.7bn

• 63 of the companies are majority-owned by an entrepreneur and/or founders, while 13 are owned by private equity, 12 are family-owned

• Services (45) and construction (22) are the dominant sectors on the league table

• More companies are based in London (23) and the southeast of England (17), than in other regions

2019 key themes

International expansion: Success in overseas markets has driven profit growth at a majority of companies (60), with key markets including the US and Australia [page 8]

Regional stars: There is a diverse geographic spread of HQs across the UK with a majority of companies (60) headquartered outside of London (23) and the southeast (17) [page 5]

Founder-led companies: 64 companies on the league table are led by a founder or founding management team, including 56 that are majority-owned by the founder [page 10]

Building and construction: More than a quarter of companies (26) are engaged in building-related activities, making it the best represented industry on the league table [page 11]

Growth by acquisition: A number of companies have made strategic acquisitions to drive sales and profit growth in the UK and overseas [page 12]

Ecommerce: The number of companies using online commerce to sell to consumer and business customers is 15 in this year’s table [page 13]

Brands: New and emerging brands, as well as long-established ones, also have the country’s fastest-growing profits, with Gymshark, Regatta and Johnstons of Elgin all making this year’s table [page 14]

76

17

115-140%

85-114%

50-84%

>=140%

Growth in profits

No. of companies in each range of compound annual growth rate of profits over latest 3 years

3

4

78% pa

£87m

London (23)

450

£8.4m

£48m

Services (45)

14%

£1.6m

Average growth over three years

Sales in 2017-18

Region

Typical number of staff in 2017-18

Profits in 2017-18

Sales in 2014-15

Sector

Typical increase in staff over three years

Profits in 2014-15

Profits

Sales

Company characteristics

Staff

Characteristics of a typical Profit Track 100 company

15%Profit margin latest year

7.1%Profit margin base year

31% paAverage growth over three years

Profits = operating profit




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KEY STATISTICS

Growth in profits• Profit Track 100 companies, on average, increased their profits

by 78% a year over their last three years, from a combined £160m to £840m

• Companies had to work hard to gain a place on this year’s league table. Profits at the 100th ranked company grew an average of 54% a year, the second highest growth threshold in the 20-year history of Profit Track 100 – the highest was in 2017 when the minimum requirement was 57%

• The top-ranked company, online travel agency Loveholidays, boosted profits an average 191% a year from £542,000 in 2015 to £13.4m in 2018

• Jewellery and watch retailer The Watches of Switzerland Group (No 94) achieved the highest profits on the table with £38.6m, on sales of £685.2m in 2017. The group is backed by American private equity firm Apollo, and is expanding across the US with flagship stores in New York and Las Vegas

• 23 companies had profits of £10m or more, including luxury hotel operator Dorchester Collection (No 86) with £26.9m, and network service provider Exponential-e (No 46) with £24.9m. Forty-seven companies on the table had profits between £5m and £10m

• The company with the lowest profits was metal recycler SJM Alloys and Metals (No 84), with £3.1m in 2018

10 companies with the highest profits

Rank CompanyActivity

Latest profits £m

FYE

94 The Watches of Switzerland GroupJewellery and watch retailer 37.1 Apr 18

27 JRL GroupConstruction contractor 34.0 Dec 18

86 Dorchester CollectionLuxury hotel operator 26.9 Dec 17

70 Acorn InsuranceSpecialist car insurer 25.2 Dec 17

46 Exponential-eManaged service provider 24.9 Jan 18

49 END.Online menswear retailer 23.0 Mar 18

62 RegattaOutdoor clothing distributor 20.4 Jan 18

2 GymsharkFitness clothing retailer 18.1 Jul 18

7 HalsionElectrical & mechanical engineering 16.3 Mar 18

57 M247Internet and cloud services

‡15.5 Mar 18

7£20-50m

£10-20m

£5-10m

Range of profits

Number of companies in each range

Profits = operating profit ‡profits = ebitda

16

47

£3-5m 30




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Margins• Profit growth across the companies has been mainly driven by

an improvement in reported margins. These increased to an average of 15% in their latest year, from an average of 7.1% three years ago

• The vast majority of companies (92) increased profit margins by more than 2% points over the three year growth period. This compares with 84 companies last year

• Six companies had profit margins of more than 30%. These companies include Nexus Underwriting (No 32), which has a 35.7% margin; and school payment service provider Parentpay (No 69), which has a 38.3% profit margin

• The company with the lowest margins, at 2.8%, is mechanical and electrical contractor NG Bailey (No 22), with profits of £13.7m, and sales of £481m

Sales• Total combined sales were up by 80% from £4.9bn three years

ago to £8.8bn in 2017/18

• Almost all companies (98) registered an increase in sales between 2014/15 and 2017/18. Beauty products retailer Revolution Beauty (No 3) recorded the highest growth in sales, which increased an average 153% a year from £4.4m in 2014 to £71.8m in 2017

• The company with the biggest sales in its latest year was The Watches of Switzerland Group (No 94). The jewellery and watch retailer‘s turnover reached £685.2m in 2018

• The company with the lowest sales on the league table was lone-worker protection provider Send for Help (No 64). The firm reported sales of £12.8m in 2018, with profits of £3.5m

Profit margins

No. of companies in each margin range

2220-29%

10-19%

5-9%

>=30%

32

28

0-4% 12

6

5 companies with the highest profit margins

5 companies with the biggest sales


Profits margin FYE

70 Acorn InsuranceSpecialist car insurer 47.3% Dec 17

25 Pure RetirementSpecialist mortgage broker 40.2% Dec 17

45 SerifSoftware developer 40.1% Dec 17

69 ParentpaySchool payment services provider 38.3% Nov 18

51 DJSFintech software developer 37.5% Jul 18


Latest sales £m

FYE

94 The Watches of Switzerland GroupJewellery and watch retailer 685.2 Apr 18

27 JRL GroupConstruction contractor 535.0 Dec 18

22 NG BaileyMechanical, electrical contractor 481.0 Feb 18

86 Dorchester CollectionLuxury hotel operator 384.4 Dec 17

29 Fullers FoodsFrozen food supplier 285.2 Jan 18




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Staff and job creation• The 100 companies employ a total of 43,400 employees (2018:

52,600), resulting in average profits per employee in the latest financial year of £19,000 (2018: £20,000)

• Together, the 100 companies added 14,200 jobs during the last three years, although in some cases, employees were taken on as part of an acquisition (2018: 19,400)

• The largest employer is Reading-based catering group CH&Co (No 31), with 6,372 staff

• The company with the biggest percentage change in employees is Gymshark (No 2). The Solihull-based online sportswear retailer grew its headcount by 687% from 33 to 260 employees after a period of rapid expansion – between 2015 and 2018 sales increased eleven-fold to £103.2m

• 17 of the companies employ more than 500 staff, while nine companies have fewer than 50 staff, such as Buckinghamshire-based pet food supplier Canagan (No 88) with 21 employees

Regional breakdown• 23 companies are headquartered in London compared with

14 last year

• The southeast has the second highest number of companies with 17 based there; followed by the northwest with 13

• Of the top ten biggest employers on the league table, six are based in regions outside of London and the southeast. They include beauty face mask manufacturer 7th Heaven, based in Port Talbot, Wales (No 37); luxury yacht builder Princess Yachts (No 8), based in Plymouth; and care home operator Balhousie Care Group (No 73), based in Perth, Scotland

• Four out of the six companies with the biggest sales are based in regions outside London and the southeast, including frozen food supplier Fullers Foods (No 29) with profits of £8.1m in 2018 on sales of £285.2m

Foundation dates• The Profit Track 100 companies are of very diverse ages, with

an average foundation date of 1987, although this is skewed by a small number of much older companies

• One of the oldest league table companies is cashmere textiles manufacturer Johnstons of Elgin (No 66). Founded in 1797 on the banks of the River Lossie, it remains under the ownership of the Urquhart family

• There are four companies on the league table founded in 2013: components supplier, Arlington Industries Group (No 4), beauty products retailer Revolution Beauty (No 3), specialist mortgage broker Pure Retirement (No 25), and taxi hire provider Veezu (No 58)

32100-249

<100

23250-499

1,000-4,999

500-999

Number of employees

Number of companies in each staff range

1>5,000

9

7

28

Regional breakdown of headquarters

Southwest

Wales

N. Ireland

Scotland

Northwest

Northeast

East

Midlands

Southeast

London23

13

10

12

3

11

35

17

3

Foundation dates

No. of companies in each range

331980-1999

1950-1979

1900-1949

After 2000

13

3

Before 1900 4

47




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Sector breakdown

The two largest sectors are services, with 46 companies, and construction with 22:

• Services (42) businesses encompass a wide range of industries such as business cost saving service Make it Cheaper (No 30), international schools operator Orbital Education (No 35) and security services firm Openview (No 55)

The service sector represents combined profits of £361m and employs 25,000 staff

• Construction (22) includes housebuilder Llanmoor Homes (No 20), construction contractor JRL Group (No 27), and groundworks contractor Bateman Groundworks (No 59)

These companies represent combined profits of £174m and employ 4,500 staff

• Manufacturers (including outsourced) (17) include orthopaedic parts maker Corin Orthopaedics (No 9), safety barrier manufacturer A-Safe (No 68), and cosmetics firm Amelia Knight (No 91)

The manufacturing sector represents combined profits of £135m and employs 7,700 staff

• Retailers (17) range from online menswear retailer END. (No 49) to sports foods retailer SportsShoes.com (No 28)

The retail sector represents combined profits of £164m and employs 6,400 staff

• Wholesalers (9) include solvent distributor Solventis (No 26), cable supplier Batt Cables (No 11), and frozen food supplier Fullers Foods (No 29)

The wholesale sector represents combined profits of £72m and 2,100 staff

Industry breakdown• Building related (26) include mechanical and electrical

contractor Halsion (No 7) and external works contractor Maylim (No 82)

These companies represent combined profits of £211m and employ 8,200 staff

• Consumer goods (17) include beauty products manufacturer Tropic Skincare (No 24), consumer goods supplier Pricecheck (No 90) and outdoor clothing distributor Regatta (No 62)

League table companies in this industry represent combined profits of £172m and employ 8,600 people

• Business services (12) include refrigeration and catering rental firm Lowe (No 42), research services provider Third Bridge (No 61), and corporate travel management business Click Travel (No 71)

These companies have combined profits of £61m and employ 2,700 staff.

Construction 22

Services 46

Retail 15

Manufacturing 17

Wholesale 9

Sector breakdown

Note: where companies are deemed to operate in more than one sector, a second sector is also provided. In total nine companies operate in two sectors. Each sector is given an equal weighting in the above analysis.

Industry breakdown

Food and drink (7)3

Leisure (3)

Computers and electronics (9)

Engineering (4)

6

6

Business services (7)11

5

Finance (4)7

Consumer goods (21)15

Building related (25)26

13 Other (11)

Last year's breakdown in brackets




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Ownership• Entrepreneurs and founders have a majority ownership of 63

companies (2017: 55) in this year's Profit Track 100

Examples include language services provider VSI Group (No 10), which was founded by group managing director Norman Dawood in 1989; and computer games developer Supermassive Games (No 76), which was founded by Pete and Joe Samuels in 2003

• 13 of the companies are owned by private equity (2018: 17)

Examples include top-ranked company online travel agency Loveholidays (No 1) – founders chief executive Alex Francis and chief operating officer Jonny Marsh sold a majority stake to Livingbridge last year, valuing the company at £180m; others include aircraft and spares group Aerfin (No 5), which is led by founder and chief executive Bob James OBE, and owned by American private equity firm CarVal Investors, which acquired a majority stake in 2014

• 12 companies on the league table are family owned i.e. they remain owned by the founder’s children or other descendants (2018: 17)

Examples include cheesemonger Joseph Heler Cheese (No 18), which is owned by the Heler family and run by joint managing directors Mike and George Heler, the son and grandson of the founder respectively; and housebuilder William Davis (No 63), which was founded in 1935 and remains majority owned by the Davis family

Sustained growth• 23 companies have appeared on the league table two or more

times in the last 20 years, including two that featured on the first Profit Track 100 in 2000: housebuilder William Davis (No 63); and gearbox manufacturer Xtrac Group (No 40) – see Twenty Years of Profit Track 100 on pages 15-19 for more information

• 14 companies appear on the league table for a second consecutive year, including online menswear retailer END. (No 49) and specialist car insurer Acorn Insurance (No 70). Construction contractor Readie Construction (No 12) is the only company to make a third consecutive appearance

• Two companies have made four appearances in total: mechanical and electrical contractor NG Bailey (No 22) and housebuilder William Davis (No 63)

63

12

PE and/or VC

Family

Management/ employees 12

Entrepreneur and/or founder

Majority ownership type

Number of companies in each range

13




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2019 KEY THEMES & SELECTED COMPANY PROFILESOn the following pages we profile examples of companies that demonstrate some of the key themes from this year’s league table.

International expansion

A majority of Profit Track 100 companies (60) have expanded into overseas markets. Examples include Revolution Beauty (No 3), which exported 40m cosmetics products to 143 countries last year; and Corin Orthopaedics (No 9), which in 2018 acquired Global Orthopaedic Technology, Australia’s largest manufacturer of hip and knee implants.

Plymouth-based Princess, which builds luxury yachts varying in length from 35ft to 130ft, is majority owned by L Catterton, a private equity fund backed by luxury goods giant LVMH. Executive chairman Anthony Sheriff, 55, has overseen profit growth boosted by its limited edition clothing range. In 2018, the company launched six new models and increased staff levels to 3,000 in Plymouth. International sales rose to £191m in 2017 and are expected to reach £260m in 2018.

VSI translates, dubs and provides subtitles for films and television series, working for clients such as the BBC, Nickelodeon and the major streaming platforms. It has 22 studios worldwide, with locations including Los Angeles, Paris and Berlin, and works in more than 50 languages. Managing director Norman Dawood, 61, founded the company in 1989 and has since secured a wide range of global clients, including Cartoon Network, HBO and Sky Deutschland. International sales rose 77% to £32m in 2017.

This Halifax firm’s flexible polymer safety barriers are used in factories by the likes of Nestlé and Heineken to protect staff and machinery. Its bright yellow products are also found in car parks and airports. A-Safe has offices in 18 countries, including the US and Australia, and it sells through distributors in a further 39 countries. It is run by joint managing directors Luke Smith, 39, and his brother James, 41. International sales rose 63% to £36m in 2017.

Princess YachtsLuxury yacht builder

VSI GroupLanguage services provider

A-SafeSafety barrier manufacturer

Princess Yachts (No 8) launched six new luxury yacht models in 2018, and is forecasting 20% sales growth this year

Its safety barriers have been installed in more than 30 international airports

More than 75% of its sales were to overseas customers last year

Translates more than 200,000 hours of programming into over 50 languages each year

CAGR§ 114%Profits 2017 £10.9mProfits 2014 £1.1mSales 2017 £274.4mStaff 2,407Founded 1965Location Plymouth

CAGR§ 65%Profits 2017 £11.7mProfits 2014 £2.6mSales 2017 £44.6mStaff 291Founded 1984Location Halifax

CAGR§ 108%Profits 2017 £6.6mProfits 2014 £0.7mSales 2017 £45mStaff 112Founded 1989Location Central London

§ three-year compound annual growth rate




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70

Regional stars

A majority of companies (60) are headquartered outside of London (23) and the southeast (17). There are 13 companies in the northwest and 12 in the Midlands, including Parentpay (No 69) in Coventry, whose technology helps parents pay online for meals and trips at their children’s schools. Wales is home to companies including Aerfin (No 5), which recycles aircraft parts and sells them to the likes of Lufthansa and Philippine Airlines.

Fridges, freezers and catering equipment are rented to the organisers of events like Glastonbury, Wimbledon and the Singapore Grand Prix by this Northern Irish company. Founded by the Lowe family in Lisburn in 1977, chief executive Rodney Lowry, 60, led a buyout in 2008. Irish private equity firm MML bought a 55% stake in 2014 for an undisclosed sum, exiting in 2018 in a deal valued at £60m. At this point Perwyn Advisors, a London-based private equity firm, acquired a 60% stake in the business. Profit growth has been boosted by expansion into event hotspots Dubai, Las Vegas and Shanghai.

Millions of parents use this Coventry-based company’s technology to pay for fees, meals and trips at their children’s schools. It allows them to pay online and monitor expenses, while children carry less cash and schools reduce their food waste. ParentPay also owns Cypad, which provides software for school caterers, and nimbl – a digital pocket money app for teenagers. Its acquisition of rival platform Schoolcomms boosted profits to £11.5m in 2018 under chief executive Clint Wilson, 47.

This Liverpool-based broker specialises in niche motor insurance, covering modified and imported vehicles or drivers with more limited access to insurance such as learners or those with motoring convictions. It is also popular with taxi drivers insuring multiple vehicles. Strong renewal rates and its strategy of focusing on areas less served by larger firms has boosted profit growth. In January, managing director Alan Keating, 52, and director Martin Gowing led a buyout backed by Inflexion Private Equity, which acquired a minority stake for an undisclosed sum.

LoweRefrigeration & catering rental services

ParentpaySchool payment services provider

Acorn InsuranceSpecialist car insurer

Coventry-based Parentpay (No 69) has its main headquarters within the Ricoh Arena, which is also home to Coventry City Football Club and Wasps Rugby

Has expanded into specialist home insurance to complement motoring

Supplied fridges and catering equipment at last year's Royal Ascot

Helps parents pay online in advance for their children's school meals

CAGR§ 75%Profits 2018 £4.4mProfits 2015 £0.8mSales 2018 £26.0mStaff 141Founded 1997Location Lisburn, Co Antrim

CAGR§ 64%Profits 2017 £25.2mProfits 2014 £5.7mSales 2017 £53.2mStaff 558Founded 2007Location Liverpool

CAGR§ 65%Profits 2018 £11.5mProfits 2015 £2.6mSales 2018 £30.0mStaff 210Founded 2002Location Coventry





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24

25

Olly Brendon, 45, a former travel representative in Florida, set up ATD in 2002 to sell tickets to British holidaymakers heading to the big theme parks in America, such as Walt Disney World and Universal Studios. The travel business now sells more than 1m attraction tickets per year to over 50 countries around the world through its websites Attraction Tickets Direct and DoSomethingDifferent.com. Profits have shot up due to organic growth, expansion into selling theme park hotels and increased margins on ticket sales.

Susie Ma, 30, sold her first product at Greenwich Market aged 15. Eight years later, in 2011, she convinced Lord Alan Sugar, 72, to take a 50% stake in her natural skincare business, which has since signed up 12,000 self-employed brand ambassadors who sell its products through “Pamper Experiences” across the UK. Crafting the range of skincare, makeup and recently launched haircare products is a team of ‘chefs’, working at its ‘beauty kitchen’ in Surrey. Everything it sells is vegan and cruelty free, with growing demand for ethical products helping boost profits.

Britain’s baby-boomer generation can convert the equity tied up in their homes into a cash lump sum, thanks to the lifetime mortgages offered by this company. The Yorkshire-based broker says it helps customers free up funds for their retirement. Serial entrepreneur Andrew Thirkill, 60, founded Pure Retirement in 2013, appointing Paul Carter, 57, chief executive. Profits have been buoyed by the rapid growth of the equity release market.

CAGR§ 88%Profits 2017 £4.4mProfits 2014 £0.7mSales 2017 £16.0mStaff 132Founded 2002Location Southwest London

CAGR§ 85%Profits 2017 £8.5mProfits 2014 £1.3mSales 2017 £21.1mStaff 52Founded 2013Location Leeds

CAGR§ 85%Profits 2018 £5.1mProfits 2015 £0.8mSales 2018 £22.7mStaff 120Founded 2011Location Croydon

ATD Travel ServicesTravel services provider

Tropic Skincare Beauty products manufacturer

Pure RetirementSpecialist mortgage broker

Susie Ma sold her first product at Greenwich Market aged 15. Tropic Skincare (No 24) now sells its products through 12,000 brand ambassadors

Founder Andrew Thirkill is a serial entrepreneur who also set up Age Partnership

Founder Olly Brendon started the business in 2002 with a £10,000 loan from his parents

Founder Susie Ma appeared on the seventh season of The Apprentice in 2011

Founder-led companies64 companies are led by a founder or founding management team, including 56 in which they retain a majority stake – examples include games developer Supermassive Games (No 76), which is led and owned by Pete and Joe Samuels; and financial software developer Scott Logic (No 79), which is led and owned by managing director Gary Scott.

Five founder-led companies have sold a majority stake to private equity firms to accelerate growth. For example, Loveholidays (No 1) co-founders Alex Francis, Jonny Marsh and Chris McCavert sold a majority stake to Livingbridge in 2018 valuing the group at £180m.





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38

87

Building and construction

Construction is the best represented industry on the league table with more than a quarter of companies (26) engaged in building or related activities. Examples include Blu-3 (No 6), which is helping build a €225m data centre in Dublin powered by renewable energy; and Readie Construction (No 12), which specialises in retail parks and logistics centres.

This family-run housebuilder was founded by chairman Brian Grey, 86, in 1966, and is now run by his three sons Simon, 56, Tim, 54, and Matthew, 46. Based in Talbot Green, near Cardiff, it has operated on seven sites in southeast Wales for the last two years. In 2018, it built a record 184 homes. It attributes strong profit growth to low interest rates, an undersupply of new homes and good regional job security.

Steel construction, car park design and complex engineering projects are completed by this group of companies for clients in the commercial, energy and transport sectors. It has designed and built car parks for Jaguar Land Rover and Sky TV, and supplied the steelwork for Heathrow’s central bus station. Run by chief executive Stephen Govier, 53, the Dorset-based group also has a specialist division that uses 3D design software to install intricate equipment in British nuclear plants.

Skyscrapers such as Dubai’s 830m high Burj Khalifa and London’s ‘Walkie Talkie’ have been built with the help of this Hertfordshire-based business, which provides scaffolding, hoists and mast climbing equipment. Founded in 1988 by managing director James Brogan, 61, projects across the UAE, its main overseas market, and Ireland have boosted profits.

Llanmoor HomesHousebuilder

Bourne GroupStructural steelwork contractor

Brogan GroupScaffolding contractor

Brogan Group (No 87) provides scaffolding, hoists and other equipment for projects across the UAE, its main overseas market

Helped construct the 160m tall Capital Gate, also known as the 'leaning tower of Abu Dhabi'

Has built more than 3,500 homes in the past 50 years

Supplied the steelwork for the refurbishment of Reading train station

CAGR§ 90%Profits 2018 £9.5mProfits 2015 £1.4mSales 2018 £36.7mStaff 71Founded 1966Location Glamorganshire

CAGR§ 59%Profits 2017 £7.3mProfits 2014 £1.8mSales 2017 £31.8mStaff 445Founded 1988Location Hertfordshire

CAGR§ 78%Profits 2017 £7mProfits 2014 £1.3mSales 2017 £67.4mStaff 193Founded 1992Location Poole





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Growth by acquisition & merger

Profit Track 100 companies have used acquisitions and mergers to scale their business and access new markets. Examples include NG Bailey (No 22), which acquired Freedom Group – the company that maintains the UK's electrical infrastructure – in 2018; and First (No 16), the events producer, which in 2016 acquired the New York-based creative agency BKA.

This group designs and makes parts for manufacturers in the automotive and aerospace industries. Its factories in Britain, France and Slovakia, alongside joint ventures in China, India and Turkey, supply customers such as Ford, Nissan and Jaguar Land Rover. Arlington is led by chairman Kevin Morley, 68, and chief executive Mark Franckel, 56, and backed by US private equity firm Cartesian Capital.

Drawing on a background in chemical distribution, managing director David Lubbock, 59, founded this Guildford-based company in 2002. Solventis imports petrochemical solvents from around the world and stores them in its Port of Antwerp facility for delivery throughout mainland Europe and worldwide. The manufacturing of aircraft de-icing fluids also takes place in Antwerp through its subsidiary Kilfrost Europe.

CH&Co provides catering services across the workplace, education venues and event sectors. Chief executive Bill Toner, 60, took the reins after the firm merged with his former employer HCM in 2015. He has 18 years' experience in the top job at three different caterers. The Reading company has pressed on with acquisitive growth, merging with Harbour & Jones in June 2017 and Concerto Group in November 2017, lifting profits an all-time high.

Arlington Industries GroupComponents supplier

SolventisSolvent distributor

CH&Co GroupCatering group

Two acquisitions of rival caterers in 2017 helped CH&CO Group (No 31) lift profits to an all-time high of £8.6m

After merging with caterers Harbour & Jones and Concerto in 2017, sales grew by over a quarter to £240.3m

Acquired international car parts supplier Magal Engineering in 2017

Acquired the automotive solvents division of German firm Haltermann Carless in 2017

CAGR§ 129%Profits 2018 £6.2mProfits 2015 £0.5mSales 2018 £171.2mStaff 1,074Founded 2013Location Manchester

CAGR§ 80%Profits 2017 £8.6mProfits 2014 £1.5mSales 2017 £240.3mStaff 6,372Founded 1991Location Reading

CAGR§ 83%Profits 2017 £12.5mProfits 2014 £2.0mSales 2017 £194.1mStaff 32Founded 2002Location Guildford





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49

Ecommerce

Excelling at online commerce has helped grow the profits of an increasing number of British companies by allowing consumers and businesses to buy products or services directly online. There are 15 ecommerce companies on this year's table. Examples include Motor Parts Direct (No 33), which supplies car parts to independent garages through its website; and Pricecheck (No 90), which sells household goods from brands like Air Wick and Gillette to global wholesalers who use its online trade portal.

More than 8,000 makeup, skincare and haircare products from cult beauty brands such as Anastasia Beverly Hills, Jeffree Star Cosmetics and The Ordinary can be purchased on this Manchester etailer’s website. Founded in 1999 by David Gabbie, 37, and brother Arron Gabbie, 40, the firm rebranded in 2005 and has since grown by stocking hard-to-get products from popular international brands, and by expanding its social media presence to include about 2m followers.

This West Yorkshire running and fitness retailer stocks 12,000 products, selling shoes and clothing from brands that include Nike, Adidas and ASICS. It was founded in 1982 by former Bradford City and Bristol Rovers professional footballer Bruce Bannister, 71, and today is run by his son Brett, 44, who is managing director. The family-owned company employs more than 140 people and has customers in 100 countries, selling goods to them online and by mail order.

Founded in 2005 by university friends John Parker, 37, and Christiaan Ashworth, 36, END. has grown from a shop in Newcastle to a global online retailer. It ships up to 15,000 products a day worldwide and stocks more than 400 brands and designers, such as Comme des Garçons and Alexander McQueen. The firm is backed by private equity firm Index Ventures, which bought a minority stake for an undisclosed sum in 2014.

Beauty BayOnline cosmetics retailer

Sportsshoes.com Sports goods retailer

END.Online menswear retailer

END. (No 49) says more than 10m people visit its website, which stocks more than 400 brands, every month

Says more than 10m people visit its website every month

Sells thousands of beauty products directly to consumers online

Provides online gait analyis to help people find suitable footwear

CAGR§ 90%Profits 2018 £5.8mProfits 2015 £0.8mSales 2018 £79.3mStaff 114Founded 1999Location Salford

CAGR§ 71%Profits 2017 £23mProfits 2015 £4.6mTotal sales 2017 £101.1m Staff 316Founded 2005Location Newcastle upon Tyne

CAGR§ 82%Profits 2018 £4.4mProfits 2016 £0.7mTotal sales 2018 £51.4mStaff 144Founded 1982Location West Yorkshire





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71

Brands

Fashion, beauty and watch firms feature among the British brands with quickly growing profits. Among them are Revolution Beauty (No 3), 7th Heaven (No 37) and Amelia Knight (No 91) which operates three cosmetics brands and sells to Walmart in the US. Other brands include Princess Yachts (No 8) and The Watches of Switzerland Group (No 94).

Ben Francis, 26, started this fitness clothing brand in his parents’ garage in 2012. It has since gone global under the helm of chief executive Steve Hewitt, 45, with its apparel and accessories now sold directly to consumers in 178 countries via 13 multi-lingual websites. Gymshark has attracted a social media following of more than 80m sports and fashion enthusiasts by sponsoring popular YouTube and Instagram stars who showcase its products.

This outdoor clothing and footwear brand develops hi-tech fabrics such as Isotex, which is waterproof and breathable, and is also behind the Craghoppers and Dare2b brands. Founded by the Black family in 1981, the Manchester group exports to 56 countries, and has offices across Europe, America, China and Bangladesh. It secured concessions in 11 Sears department stores in the US in 2017 and is run by chairman and chief executive Keith Black, 59.

Founded in 1797, on the banks of the River Lossie, this family business produces cashmere for luxury brands, as well as for its own goods. It operates two mills in Elgin and Hawick and controls the whole process from manufacture through to embroidery and labelling. Run by chief executive Simon Cotton, 49, the group has four stores in the UK, including a flagship store on New Bond Street in London, and is opening its first Scottish store over Easter 2019.

GymsharkFitness clothing retailer

RegattaOutdoor clothing distributor

Johnstons of ElginCashmere textiles manufacturer

Gymshark (No 2) has a social media following of more than 80m sports and fashion enthusiasts

Is the second-oldest family business in Scotland

Attracted 10-hour queues with the launch of a pop-up store in Los Angeles.

Originally sold army surplus before expanding into waterproof jackets

CAGR§ 152%Profits 2018 £18.1mProfits 2015 £1.1mSales 2018 £103.6mStaff 260Founded 2012Location Solihull

CAGR§ 66%Profits 2017 £10.3mProfits 2014 £2.3mSales 2017 £73.9mStaff 956Founded 1797Location Elgin

CAGR§ 67%Profits 2018 £20.4mProfits 2015 £4.3mSales 2018 £193.2mStaff 1,196Founded 1981Location Manchester





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TWENTY YEARS OF PROFIT TRACK 100Profit Track 100 was launched 20 years ago to recognise Britain’s private companies with the fastest growing profits. Since its launch, 1,500 companies have appeared on the league table.

Then and now: 2000 vs 2019The vital statistics of the Profit Track 100 companies have changed significantly over the last 20 years.

Some of the key observations include:

• It has become harder to achieve a place on the table, with the 100th company growth rate rising from 32% pa in 2000 to 54% pa this year

• The average compound annual growth rate in profits has increased from 55% to 78%

• Combined profits of the 2019 companies total £840m, 24% more than the £700m in 2000

• Combined sales of the 2019 companies total £8.7bn, less than the £8.8bn total in 2000

• This year’s companies have fewer employees than companies in 2000, employing 43,400 members of staff, compared with 57,700 on the first league table

• In 2000, a total of 48 companies were headquartered in London and the southeast; in 2019 this number has fallen to 40 companies, with the northwest seeing the greatest increase from 6 to 13

• The number of companies making or selling consumer goods has fallen from 29 companies in 2000 to 15 this year, while the number operating in a building-related industry has increased from 16 in 2000 to 26

Rich list• 230 directors and shareholders of Profit Track 100 alumni

appeared on the latest Sunday Times Rich List, with combined wealth of £165bn

• They include Sir Jim Ratcliffe, founder and chairman of INEOS and Britain's wealthiest person, according to the Sunday Times Rich List; as well as Sir James Dyson, and Denise Coates CBE, co-founder and CEO of Bet365

Where are they now?

Of the 1,500 companies that have featured

970remain private

50floated

360merged or were acquired

120went bust

Then and now: 2000 vs 2019

Total profits

Average annual growth in profits

VC/PE-backed

Sector changes: construction vs consumer goods

£700m

29%

23%

£840m

78%

55%

construction consumer goods

16 26 29 15




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Sustained growth companies• Of the 1,500 companies to have featured, 70% have appeared

only once

• 20% of the companies have appeared twice

• 8% have appeared three times

• Only 2% have appeared four times

• Only 12 companies have appeared five or more times

These companies are shown in the table below.

FailuresFewer than 10% of Profit Track 100 companies have gone bust over the years. Companies that have failed include:

• Focus DIY, which featured in 2002 but fell into administration in 2011 after having grown to be the fourth largest DIY retailer in the UK

• Fashion retailer Republic, which featured in 2011 but fell into administration in 2013, before being acquired by Sports Direct

• Patisserie Valerie, which featured in 2012 and floated on AIM in 2014 – the café operator fell into administration last year and was acquired by Causeway Capital Partners in February

• LK Bennett, which featured in 2003 but fell into administration in March 2019

Story Homes founder Fred Story, 62 – in the last 20 years, this housebuilder has featured for a record seven times

Story Homes Housebuilder 7 2003 4.3 26.4 Private – majority owned by Fred Story and family

Pret A Manger Sandwich shop operator 6 2001 4.5 54.4 Private – Reimann family investment vehicle

Argus Media Commodity information provider 5 2007 4.0 40.5 Private – majority owned by General Atlantic

Avant HomesHousebuilder 5 2009 24.6 63.6 Private – Alchemy Special Opportunities, Angelo Gordon

and Avenue Capital

bet365Online bookmaker 5 2002 3.9 660.3 Private – majority owned by Denise Coates and family

CT CapitalLoan broker 5 2000 15.0 6.4 Private – majority owned by Andrew Turner

Miller HomesHousebuilder 5 2008 6.0 130.7 Private – majority owned by Bridgepoint

Richmond GroupFinancial services provider 5 2005 6.2 66.7 Listed in 2018 – valued at £932m

SymphonyFurniture supplier 5 2005 6.2 15.6 Private – majority owned by Douglas Gregory

Titan Airways Airline 5 2000 4.3 15.0 Private – majority owned by Gene Wilson

Towergate Insurance underwriter and broker 5 2004 9.3 -50.8 Private – Madison Dearborn, HPS, KKR, Bain Capital

Travelex Foreign exchange operator 5 2000 5.9 31.1 Subsidiary – acquired by UAE Exchange for £1bn in 2014

Times on Profit Track 100Activity

Company First featured year

Profits £m Status

Latest profits £m

Companies that have appeared at least five times on the Profit Track 100




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PROFIT TRACK 100 ALUMNI

Stock market flotationsProfit Track 100 stars have caught the attention of City investors through stock market flotations over the past two decades. A total of 50 league table companies have gone public since 2000, including:

First featured in 2010 with profits of £20m; floated on LSE in 2018 at

£651m and now worth £1.2bn

First featured in 2014 with profits of £8m; floated on LSE in 2015 at £240m

and now worth £570m


£2.7bn and now worth £3.8bn

First featured in 2015 with profits of £10m; it floated on the NYSE in 2018

valued at $220m and is now worth $1.4bn

First featured in 2012 with profits of £89m; floated on Nasdaq in 2014 at $4.3bn, merged with IHS in 2016 and now valued at $21.6bn


£309m and now worth £981m

Featured in 2000 with profits of £15m; floated later that year at £1.6bn and now worth £1.6bn following its merger with Dixons

First featured in 2002 with profits of £8m; floated on LSE in 2015 at £1bn

and now worth £1.5bn


£4.3bn and now worth £2.3bn

First featured in 2010 with profits of £5m; floated in 2014 at $7.1bn and acquired by

US firm Activision Blizzard in 2015 for $5.9bn

Featured in 2003 with profits of £6m; floated on LSE in 2007 at £241m and

now worth £4.2bn

First featured in 2006 with profits of £23m; floated in 2010 at £1.4bn, merged with Paddy

Power in 2016 and is now worth £4.6bn




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Appeared on five Profit Track 100 league tables; sold to UAE Exchange in

2014 for £1bn

First featured in 2013 with profits of £18m; acquired for £1.4bn by Chinese

travel group Ctrip in 2016

Featured in 2010 with profits of £9m; sold to Richemont for £350m; merged

with Yoox in 2015, valued at £1.3bn

First featured in 2015 with profits of £11m; sold to digital brands owner

ZPG in 2017 for £140m

First featured in 2015 with profits of £6m; sold to US Krispy Kreme parent

in 2016 for around £200m

First featured in 2012 with profits of £4m; sold to Alibaba's Ant Financial

in 2019 for £550m

First featured in 2005 with profits of £5m; sold to Restaurant Group in

2018 for £559m

First featured in 2007 with profits of £4m; sold to Labelux in 2011 for £500m,

and Michael Kors in 2017 for £896m

First featured in 2011 with profits of £7m; acquired by US firm CDW in

2015 for £330m

Mergers & acquisitionsHousehold names CenterParcs and Wagamama featured on Profit Track 100 and were subsequently acquired. A total of 360 league table alumni have merged with, or been acquired by, other companies since 2000, including:

First featured in 2016 with profits of £9m; sold to ARM in 2016 for around £260m

Featured in 2009 with profits of £11m; sold a majority stake to Coca-Cola in 2013, valuing the company at £440m

First featured in 2011 with profits of £42m; sold to Canada’s Brookfield

Property Partners in 2015 for £2.4bn




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First featured in 2009 with profits of £25m; still owned by Denise Coates and family, with profits of £660m

First featured in 2001 with profits of £5m; in 2017 reported profits of £55m and sold

to private equity firm JAB for £1.5bn in 2018

First featured in 2012 with profits of £17m; bought by Permira in 2013 for £300m, and profits hit £42m in 2018

First featured in 2008 with profits of £106m; still majority-owned by the

Bamford family, with profits of £213m

First featured in 2004 with profits of £7m; still owned by Enthoven & family,

with profits of £44m

First featured in 2005 with profits of £156m; still majority-owned by Sir Jim

Ratcliffe, with profits of £3.5bn

First featured in 2007 with profits of £32m; still owned by the Rubin family

with profits of £348m

First featured in 2000 with profits of £24m; still owned by Dyson & family,

with ebitda profits of £1.1bn

First featured in 2014 with profits of £11m; valued at £3.25bn in 2018 and

profits now £51m

Featured in 2016 with profits of £5m; valued at £1bn when TSG took a stake

in 2017, and profits are now £3m

First featured in 2010 with profits of £14m; now owned by Sun European

Partners with profits of £35m

First featured in 2008 with profits of £5m; merged with EFR in 2016, valuing the group at £1.3bn; in 2017 it reported profits of £149m

Companies that have remained privateOf the 1,500 companies that have appeared on Profit Track 100, almost two thirds (970) have stayed in private hands. INEOS, which is owned by the UK’s wealthiest man Sir Jim Ratcliffe, is among them. Others include:




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2019 PROFIT TRACK 100 LEAGUE TABLE

Profits = operating profit ‡profits = ebitda * supplied by company † annualised figure

1 LoveholidaysOnline travel agency Central London Oct 18 190.96% 13,350 64,413 292 Last year, Livingbridge acquired a majority stake

valuing the company at £180m

2[46]

GymsharkFitness clothing retailer Solihull Jul 18 151.76% *18,094 *103,612 260 Has launched a 'try now, pay later' service in its UK

and Scandinavia markets

3 Revolution BeautyBeauty products retailer Kent Dec 17 136.80% 11,486 71,788 94 US TV star Khloe Kardashian has praised one of the

brand’s £3 highlighters

4 Arlington Industries GroupComponents supplier Manchester Mar 18 129.44% 6,160 171,210 1,074 Acquired international automotive manufacturer

Magal Engineering in 2017

5 AerFinAircraft and spares services Caerphilly Dec 17 129.11% 8,001 70,151 87 Chief executive Bob James was awarded an OBE at the

Queen's Birthday Honours in 2018

6[10]

blu-3Infrastructure provider Kent Mar 18 126.30% 9,930 105,818 115 Works on data centre projects in Denmark, Ireland

and Holland

7 HalsionElectrical & mechanical engineering Canterbury Mar 18 116.83% 16,327 58,332 78 Installed the UK Supreme Court with a data and

security system as part of a larger engineering contract

8 Princess YachtsLuxury yacht builder Plymouth Dec 17 114.29% 10,884 274,446 2,407 Offers advanced apprenticeships in engineering,

boat building and fabricating

9 Corin OrthopaedicsOrthopaedic parts maker Cirencester Dec 17 108.57% 7,431 105,729 474 Its new hip implant was cleared for sale in America

in 2018

10 VSI GroupLanguage services provider Central London Dec 17 107.84% 6,633 45,026 112 Localises more than 200,000 hours of programming

into over 50 languages each year

11 Batt CablesCable supplier Kent Mar 18 106.18% 6,924 145,732 299 Founded in 1952, this company says it the oldest

surviving cable distributor in Britain

12[13]

Readie ConstructionConstruction contractor Romford, Essex Mar 18 105.93% 6,742 136,894 104 Says it delivers more than 4m sq ft of industrial, retail

and leisure space every year

13 MiQDigital marketing agency Central London Dec 17 99.53% 10,955 155,876 463 Operates globally from 15 offices in America, Europe

and Asia Pacific

14 mac-groupConstruction & fit-out County Down Dec 17 97.71% 4,533 94,724 83 Works for global firms seeking modern offices in Dublin

15 Talon OutdoorMedia agency Central London Dec 17 97.32% 9,627 205,028 95 Ranked as the number one 'Small Company to Work

for 2017' by the Best Companies

16 FIRSTEvents agency Central London Sep 17 97.07% 4,727 56,981 201 Organises international events for clients including

LG, Verizon Media and Mastercard

17 MotordepotCar supermarket East Yorkshire Aug 17 94.94% 7,161 148,771 208 Opened six branches in the last year and has more than

3,000 cars in stock

18 Joseph Heler CheeseCheesemaker Cheshire Sep 17 94.16% 4,086 57,586 137 Founder Joseph Heler purchased a local farm in 1957

and started the group's tradition of cheesemaking

19 Kenny Waste ManagementWaste management & recycling

Little Hulton, Manchester Mar 18 91.09% 3,974 21,110 85 Recycles more than 98% of the 10,000 tonnes of

waste processed every month

20[15]

Llanmoor HomesHousebuilder Glamorganshire Jan 18 90.03% 9,526 36,652 71 This housebuilder completed on 184 homes in 2018,

its best year so far

21[99]

BEAUTY BAYOnline cosmetics retailer Salford Mar 18 89.97% †5,754 †79,319 114 Stocks more than 8,000 beauty products ranging

from eyebrow pomade to glycolic acid toner

22[34]

NG BaileyMechanical, electrical contractor West Yorkshire Feb 18 89.92% 13,700 481,000 2,764 Acquired Freedom Group in 2018, which will boost

sales by around a quarter to £600m

23 ATD Travel ServicesTravel services provider

Southwest London Dec 17 87.95% 4,422 16,037 132 Founder Olly Brendon started the business in 2002

with a £10,000 loan from his parents

24 Tropic SkincareBeauty products manufacturer Croydon Jun 18 85.40% 5,126 22,682 106 Founder Susie Ma started selling cosmetic products

at Greenwich Market aged 15

25 Pure RetirementSpecialist mortgage broker Leeds Dec 17 84.85% 8,458 21,055 52 It increased lending by 47% in 2017 and estimated its

market share at 7.5% by value

Rank2019 3 yr average

annual profit growthFYEHQ locationActivity[2018]

CompanyLatest profits £000

Latest sales

£000 Staff Comment




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Latest sales

£000 Staff Comment

26 SolventisSolvent distributor Guildford Dec 17 83.40% 12,494 194,099 32 Moved its UK headquarters to Guildford in 2017

27[48]

JRL GroupConstruction contractor North London Dec 18 82.52% *34,000 *535,000 1,363 Contracted to develop the Landmark Pinnacle, one of

the tallest residential towers in London

28 SportsShoes.comSports goods retailer West Yorkshire Feb 18 81.95% 4,449 51,411 144 Provides online gait analysis at its Foot Lab to help

people find the most suitable footwear

29 Fullers FoodsFrozen food supplier Leeds Jan 18 81.66% 8,136 285,232 47 Supplies more than 350,000 tonnes of food each

year – equating to 25m cases of its produce

30 Make It CheaperBusiness cost saving service Central London Mar 18 80.58% 5,525 22,273 233 In 2017, founder Jonathan Elliott led a buyout backed

by private equity firm ECI Partners

31 [41]

CH&Co GroupCatering group Reading Dec 17 79.86% 8,570 240,258 6,372 Merged with caterers Harbour & Jones and Concerto

in 2017

32 [91]

Nexus UnderwritingUnderwriter Central London Dec 18 79.67% *12,658 *35,473 207 Has completed 13 acquisitions in total, and 11 since

BP Marsh invested in 2014

33 Motor Parts DirectMotor parts retailer Braintree, Essex Dec 17 78.97% 5,093 78,610 1,015 Newly opened branches in 2018 include locations in

Gloucester, Bristol and Cardiff

34 Highwood GroupConstruction contractor & developer Hampshire Feb 18 78.34% 5,835 37,788 42 Developing 750 homes at North Stoneham Park

in Hampshire

35 Orbital EducationInternational schools operator Cheshire Aug 18 78.23% *6,063 *30,628 491 Its British schools span the globe from Europe to China

36 ClipfineConstruction logistics Central London May 18 77.78% 6,054 73,374 186 Working with Sir Robert McAlpine to construct the No

1 court at Wimbledon

37 7th HeavenBeauty face mask manufacturer Port Talbot Dec 17 77.73% 7,365 26,282 63 Rebranded from Montagne Jeunesse to 7th Heaven

in 2013

38 Bourne GroupStructural steelwork contractor Poole, Dorset Oct 17 77.58% 7,017 67,353 193 Supplied the steelwork for the refurbishment of

Reading train station

39 Fletchers SolicitorsPersonal injury solicitors Southport Apr 18 77.24% 5,353 26,456 367 Says it handles one eighth of all medical negligence

cases in Britain

40 Xtrac GroupGearbox manufacturer Berkshire Sep 17 76.83% 9,499 50,499 306 Prime Minister Theresa May opened its new

manufacturing facility in 2018

41 McBraidaPrecision aerospace engineer Bristol Jun 17 74.97% 4,580 27,717 233 Opened a high precision 3,100 sq m manufacturing

site in Poland in 2013

42 LoweRefrigeration & catering rental services

Lisburn, Co Antrim Aug 18 74.68% 4,382 25,966 141 Supplied fridges and catering equipment at last

year's Royal Ascot

43 FEFinancial data provider Central London Dec 18 73.68% *9,200 *38,400 n/a In 2018 private equity firm HgCapital invested £7.5m

for an undisclosed stake

44 Hanson WadeConference provider Central London Dec 18 72.96% 5,133 22,595 146 Its conferences and events in three continents were

attended by more than 10,000 people last year

45 SerifSoftware developer Nottingham Dec 17 72.88% 5,223 13,037 73 Its Affinity iPad software was recognised by Apple as

its app of the year in 2017

46 [89]

Exponential-eManaged services provider Central London Jan 18 72.88% 24,942 115,495 432 Cited as a world-class information and communications

technology service provider by the BSI

47 [14]

HG ConstructionConstruction services

Hitchin, Hertfordshire Dec 18 72.44% *12,742 *160,194 79 Takes on construction projects across Greater

London, East Anglia and the Midlands

48 Westbourne LeisurePub, hotel & restaurant operator Coventry Sep 17 72.02% 3,462 18,212 164 Has expanded to six hotels in the Midlands, including

The Strawberry Bank in Meriden with 55 ensuite rooms

49 [47]

END.Online menswear retailer

Newcastle upon Tyne Mar 18 70.96% 22,991 101,051 316 Boasts more than 10m visitors to its website

every month

50 Edam GroupCredit hire & post-accident services Manchester Mar 18 70.94% 9,018 68,258 361 Operates a fleet of more than 2,000 vehicles, on

average less than a year old




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51 DJSFintech software developer Bournemouth Jul 18 70.65% *7,330 *19,522 62 Named after its co-founders Dan, Julian and Simon

52 Invenio Business SolutionsIT consultancy Reading Mar 18 70.51% 7,083 25,501 468 Expanded in US, Middle East and APAC countries

with government and private sector contracts

53 WasteCareWaste management service provider Garforth, Leeds Mar 18 70.34% 3,113 53,330 457 Anually collects and recycles more than 60,000

tonnes of waste from 20,000 organisations

54 Rose GroupConstruction & housebuilding Lawford, Essex Mar 18 69.57% 7,469 53,992 158 Says it has employees whose families have been with

the business for four generations

55 Openview GroupSecurity services Romford, Essex Mar 18 69.08% 3,339 46,314 307 Customers include police forces, retail complexes

and NHS Trusts

56 Lee Marley BrickworkScaffolding & brickwork contractor Reading Dec 17 68.92% 3,350 48,637 107 Has overseen projects for University of Oxford colleges

and the Defence and National Rehabilitation Centre

57 M247Internet & cloud services Manchester Mar 18 68.83% ‡15,500 54,978 239 Has its own wireless and fibre infrastructure that

provides broadband for businesses

58 VeezuTaxi hire provider Newport Dec 18 68.69% *4,900 *31,400 306 Acquired V Cars in 2017, a private hire firm in the

southwest with 1,000 self-employed drivers

59 Bateman GroundworksGroundworks contractor Norwich Dec 17 68.33% 3,365 22,853 168 Began work on 200 homes in Attleborough, Norfolk,

in August 2018

60 The Geddes GroupConstruction & aggregate supplier Arbroath Dec 17 68.19% 3,185 25,431 244 Offers services including demolition, waste

management, skip hire and road surfacing

61 Third BridgeResearch services provider Central London Dec 17 67.51% 5,470 71,461 589 Made its database of historical interview transcripts

available to clients through Bloomberg in 2018

62 RegattaOutdoor clothing distributor Manchester Jan 18 67.48% 20,371 193,242 1,196 Originally sold army surplus before expanding into

waterproof jackets

63 William DavisHousebuilder Leicestershire May 18 67.43% 14,456 90,848 381 Has two new developments in the pipeline for 2019

and an increased order book of 113 plots

64 Send For HelpLone-worker protection provider

Southwest London Mar 18 67.40% 3,521 12,803 100 Says it sells the world's smallest personal safety alarm

65 AC GroupConstruction services Bedfordshire Mar 18 66.72% 3,106 50,129 75 Partners with international firms such as Mace and

WeWork in Europe

66 Johnstons of ElginCashmere textiles manufacturer Elgin Dec 17 65.79% 10,339 73,891 956 Has run its mill in the Highlands since 1797, making it

the second-oldest family business in Scotland

67 ConlonGroundworks & demolition contractor Swindon Mar 18 65.20% 3,871 35,487 191 Provides groundworks and demolition services within

a 50 mile radius of its headquarters in Wiltshire

68 A-SafeSafety barrier manufacturer Halifax Dec 17 64.98% 11,703 44,603 291 Its safety barriers have been installed in more than

30 international airports

69 ParentPaySchool payment services provider Coventry Nov 18 64.96% *11,500 *30,000 210 Helps parents pay online in advance for their

children's school meals

70 Acorn InsuranceSpecialist car insurer Liverpool Dec 17 64.17% 25,153 53,158 558 Offers car insurance for non-standard vehicles and

their owners

71 [39]

Click TravelCorporate travel management Birmingham Mar 18 64.12% 5,871 198,775 202 Last year, private equity firm BGF acquired a minority

stake for an undisclosed sum

72 Phil McIntyre EntertainmentsLive entertainment promotion & management West London Jun 17 63.84% 3,309 42,289 62 Produced shows for John Bishop, Jason Manford and

Ed Byrne in 2018

73 Balhousie Care GroupCare home operator Perth Sep 17 63.74% 6,216 36,838 1,334 Its care homes range from former country hotels to

converted 19th century homes

74 GMI Construction GroupConstruction contractor Leeds Sep 17 63.70% 3,661 63,374 80 Past projects include a 7,000-seater stand for Carlisle United

FC and refurbishment of Manchester's University of Law

75 European AviationAviation parts distributor Herefordshire Mar 18 63.70% 5,491 30,440 36 Purchased 10 Airbus A340 aircraft from Etihad

Airways in 2018




Latest sales

£000 Staff Comment




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76 Supermassive GamesComputer games developer Guildford Dec 17 63.08% 3,611 13,205 125 Releases its cross-platform Man of Medan this year –

a horror game set on the South Pacific

77 CarFinance247Vehicle finance provider Manchester Jun 18 62.97% ‡6,634 45,060 443 More than £35m of loans are completed every

month via its website

78 HannafinGroundworks contractor Kidderminster Mar 18 62.02% 3,448 25,347 38 Owns a property development company in America,

Elroy International Inc

79 Scott LogicFinancial software developer

Newcastle upon Tyne Dec 17 61.25% 5,461 21,771 222 Clients include seven of the top 10 investment banks

and European electrical energy market Nord Pool

80 CDE GlobalProcessing equipment manufacturer County Tyrone Dec 17 61.00% 6,047 61,932 236 Its plant in Qatar washes 1,200 tonnes of dune sand

per hour and is the largest in the world

81 [94]

Wasdell GroupOutsourced pharmaceutical services Swindon Apr 18 60.96% 9,126 41,148 586 Has spent £500k developing a new microbiological

and analytical lab in Newcastle

82 MaylimExternal works contractor Central London Dec 17 60.75% 5,024 39,464 31 Was landscaping contractor during the renovation of

the iconic BBC Television Centre

83 StrongvoxHousebuilder Somerset Sep 18 60.55% 5,504 49,077 55 Secured a £20m rolling credit facility in 2017 to

develop new homes

84 SJM Alloys & MetalsMetal recycling and trading Essex Apr 18 60.22% 3,074 32,403 21 Ensures the metal it scraps and recycles comes from

conflict-free zones

85 Bell HomesHousebuilder Gloucestershire May 18 59.78% 4,976 51,436 250 Is building 64 homes in a new development five miles

from Hereford

86 Dorchester CollectionLuxury hotel operator Central London Dec 17 59.62% 26,939 384,393 3,041 The oldest hotel in its portfolio, Le Meurice in Paris,

has been open since 1835

87 Brogan GroupScaffolding contractor Hertfordshire Dec 17 59.47% 7,311 31,783 445 Helped to construct Capital Gate, Abu Dhabi, the

world's 'farthest leaning man-made building'

88 CanaganPet food supplier Buckinghamshire Mar 18 59.22% *5,676 *26,861 21 High-profile customers include the Queen and the

President of Ireland

89 Newland HomesHousebuilder Gloucestershire Dec 17 58.55% 12,024 60,926 64 In nearly three decades has developed more than

3,100 homes across 110 sites

90 PricecheckConsumer goods supplier Sheffield Apr 18 58.36% 4,247 73,073 123 Has over 20,000 pallet spaces at its new

Sheffield warehouse

91 Amelia KnightCosmetic designer & manufacturer Knutsford Dec 17 56.52% 4,114 29,063 301 Supplies its own-brand cosmetic products to Primark

92 Hippodrome CasinoCasino, hospitality & theatre Central London Dec 17 56.46% 5,514 77,818 690 Charlie Chaplin was in the chorus of the opening night

when the Hippodrome Theatre launched in 1900

93 WhitemeadowFurniture manufacturer Nottinghamshire Dec 17 56.26% 3,776 48,390 473 Supplies Irish furniture retailers with handcrafted

upholstered furniture

94 The Watches of Switzerland GroupJewellery & watch retailer Leicester Apr 18 56.01% 37,141 685,184 2,015 Opened its second New York showroom in March

95 NCMTEngineer

Thames Ditton, Surrey Feb 18 55.95% 4,248 42,001 114 Is the exclusive UK agent for Japanese machine

technology firm Makino

96 Clarkson EvansElectrical contractor Gloucester Sep 17 55.14% 3,905 52,157 791 It wired 19,000 new homes across the UK in 2017

97 Invertek DrivesVariable frequency drives manufacturer Welshpool Sep 18 55.08% 5,473 35,262 229 Its technology helped keep Haji pilgrims cool as they

travelled from Malaysia to Mecca

98 CCS MediaIT & services reseller Chesterfield Dec 17 55.01% 5,208 180,177 420 Has partnerships with HP, Lenovo, Samsung

and Xerox

99 AMG NursingHome care nursing Stafford Mar 18 54.54% 3,314 26,696 966 Support services range from 24-hour nursing care to

help with the weekly shop

100 William LoughranClassic & performance car dealer Preston Aug 17 54.12% 6,016 22,764 6 Stocks classic and performance cars from Ferrari,

Aston Martin and Porsche




Latest sales

£000 Staff Comment




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fasttrack.co.uk

Beds and BarsHostel and bar operator Central London Mar 18 51,936 2,784 625 1960

Has sites in 10 European cities including Paris and Barcelona. and has recently spent £6.5m refitting its London Bridge site; forecasts profits of £3.2m in 2019

Burry & KnightConglomerate Christchurch, Dorset Sep 18 20,325 4,685 146 1955

Family-owned Hoburne holiday park, golf course and property development business that has increased profits 50% since 2016 to £4.7m

Dairy PartnersCheesemaker Gloucestershire Dec 18 *87,000 *5,000 148 1994

Will produce 60,000 tonnes of cheese a year after its recent £32m investment programme is complete; customers include Zizzi in the UK and Pizza Express in China

Exclaimer Email-signature software developer Farnborough Sep 18 *9,645 *4,579 61 2003

Has 75m users in 150 countries, with customers including Sony, Aldi and the BBC; more than doubled profits in 2018 to £4.6m with a margin of 47%

INSPECSEyewear designer/manufacturer Bath Dec 18 *45,000 *†6,200 1,300 1988

Produces 8m frames annually for the likes of Superdry, Radley, O'Neill and HYPE; has bases in Portugal, the US, China and Vietnam, and forecasts ebitda profit of £9.5m in 2019

Ion ScienceGas detection manufacturer Hertfordshire Dec 18 *14,832 *2,927 100 1989

High-tech manufacturer with customers including the Chinese metro; has more than doubled margins to 20% since 2015 and almost quadrupled profits to £2.9m

NRG Fleet ServicesTruck fleet management Skelmersdale Sep 18 86,312 6,277 411 1996

Manages 5,000 vehicles and owns 9% of the UK’s refuse trucks; will be pioneering electric fleet usage by looking after its sister firm Electra's trucks; forecasts £9.1m profit in 2019

OE ElectricsSoft wiring manufacturer Wakefield Mar 18 19,467 3,420 195 1986

Makes power and USB connectors and chargers for installation into public and commercial furniture, with patented replaceable and reversible USB technology

SpareRoomFlatshare site Manchester Dec 18 *9,479 *2,126 80 2002

Claims it finds someone a flatmate every three minutes and holds ‘speed dating-style’ flat mate evenings; forecasts a 41% rise in profit to £3m in 2019

Speciality DrinksAlcoholic drinks wholesaler/retailer Northwest London Jun 18 67,535 12,289 220 1999 Sells a range of 5,000 spirits to customers such as Claridge's

and VOC, and plans to build a £20m distillery on Islay in 2020

FYEHQ locationActivityCompany Sales

£000s Staff Founded Short profile

Profits = operating profit † ebitda * supplied by company

Profit £000s

ONES TO WATCH PAST STARS

Featured in 2015 with profits of £20m; sold to Philippine firm Monde Nissin

in the same year for £550m

Featured in 2007 with profits of £4m; acquired by Nasdaq-listed LKQ in

2011 for £225m

Featured in 2011 with profits of £12m; acquired by Photobox in the same

year for £120m

First featured in 2017 with profits of £5m; floated on AIM in 2018 and is

now worth £280m

Featured in 2008 with profits of £8m; in 2018, reported profits of £34m

Featured in 2018 with profits of £5m; Three Hills Capital acquired a 20% stake

the same year for £50m

ONES TO WATCHIn addition to the 100 companies featured in the Profit Track 100, Fast Track also researches a cross section of companies that for one reason or another do not qualify for the strict criteria of the main table, but deserve to be acknowledged.

Ten finalists are chosen to feature in ‘Ones to Watch’. Companies are selected partly on historical profit growth, but also on the strength of their management team, challenges overcome and their potential for future growth.




fasttrack.co.uk

METHODOLOGYThe Profit Track 100 league table ranks Britain's 100 private companies with the fastest-growing profits, measured over their latest three years of available accounts.

Qualification criteriaCompanies were ranked on their average compound annual growth rate (CAGR) in operating profits over three years. The cut off for inclusion was a financial year end on 30 June 2018.

Qualification criteria also included:

• UK-registered, unquoted and independent

• Base year (2014-15) operating profits of more than £500,000

• Latest year (2017-18) operating profits of more than £3m

• Operating profits must increase in the latest year

• Profits accrued from joint ventures, exceptional costs or income, as well as impairment, were excluded

Research approachThe main research was conducted by the Fast Track research team predominantly between October 2018 and February 2019.

Companies were selected from a database of 2m private limited UK companies after extensive desk, telephone and case study research.

The majority of the companies in the league table have been interviewed by Fast Track, and many have been visited.

DisclaimersPrivate company information can be incomplete and, while every effort is made to include all qualifying companies, there may be omissions.

Some exceptions were made to the qualification criteria set out above.

The compiler’s decision is final and no correspondence will be entered into. Nominations for next year’s table would be welcome.




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fasttrack.co.uk

Fast Track would like to thank BDO for its title sponsorship of Profit Track 100 for six years; Santander Corporate & Commercial for its sponsorship for the first year; and UBS Wealth Management for its seventeenth year as a main sponsor.

We would also like to thank our media partner The Sunday Times for their continued support of Profit Track 100 for all 20 years.

Neither Fast Track or our sponsors or media partner endorse, guarantee or recommend investment in any of the companies; the rankings are based on historical sales growth.

Media partner

SUPPORTERS

The Sunday Times has been Fast Track's media partner for 22 years.

It is Britain’s No 1 newspaper for business, and the leading broadsheet newspaper attracting over two million readers every week. Almost half (46%) of senior business decision-makers read The Sunday Times, a greater market share than any other publication, according to the latest 2018 Ipsos survey.

Oliver ShahBusiness editor

thesundaytimes.co.uk@ST_Business

Sponsors

Stuart LislePartner, Corporate Tax Services

BDO is the title sponsor of Profit Track 100 for a sixth year.

Accountancy and business advisory firm BDO LLP provides integrated advice and solutions to help businesses navigate a changing world.

Our clients are Britain’s economic engine – ambitious, entrepreneurially-spirited and high-growth businesses that fuel the economy.

We share our clients’ ambitions and their entrepreneurial mind-set. We have the right combination of global reach, integrity and expertise to help them succeed.

BDO LLP operates in 17 locations across the UK, employing nearly 5,000 people offering tax, audit and assurance, and a range of advisory services. BDO LLP has underlying revenues of £590m and is the UK member firm of the BDO international network.

BDO’s global network

The BDO global network provides business advisory services in 162 countries, with 80,000 people working out of 1,600 offices worldwide. It has revenues of $9bn.

bdo.co.uk@bdoaccountant


https://www.thetimes.co.uk/?sunday

https://twitter.com/ST_Business?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor

https://www.bdo.co.uk/en-gb/home

https://twitter.com/bdoaccountant?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor



fasttrack.co.uk

Giles NicholasManaging director

Tim HintonHead, Corporate & Commercial Banking

Santander Corporate & Commercial is a main sponsor of Profit Track 100 for the first year.

As businesses strive to develop and grow in this rapidly changing world, they need the support of people they can trust. At Santander, we’re committed to building close and enduring relationships with each of our business customers, so that we understand how we can help you achieve your business ambitions.

As well as supporting your business locally through a network of Corporate Business Centres and specialists in the UK, we have a strong international presence thanks to our extensive global network in major markets.

So whether the next step is to invest in a new growth area, consider an acquisition or break into an overseas market, we can help you get ahead.

santandercb.co.uk

Santander UK

UBS is a main sponsor of Profit Track 100 for a seventeenth year.

UBS provides a complete wealth management service in the UK. We have a long history of working with UK entrepreneurs, planning their business, family and investment needs as they approach a liquidity event.

Our advisors will help you learn how to protect and grow your hard-earned wealth, drawing on the strength of our Global Chief Investment Office. Whether you want to leave money in trust for your children, sort out your pension arrangements or, increasingly, become a philanthropist, we can help you achieve your goals.

ubs.com/wealthmanagement-uk

@UBS

Shona BaijalManaging director


https://www.santandercb.co.uk/

https://www.linkedin.com/company/santander-uk/

https://www.ubs.com/uk/en/wealth-management.html

https://www.ubs.com/uk/en/wealth-management.html

https://twitter.com/UBS?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor



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fasttrack.co.uk

Jon MacLeod is director of research at Fast Track.

Jon was a director in the equity research department of Citigroup Global Markets, where he worked for 17 years. He began his career in the fixed income markets and has also worked as a financial journalist. He has a masters in social and political science from Cambridge University.

Mike Harding is a senior research manager with responsibility for Profit Track 100. He is a chartered accountant, with a background in audit and corporate finance. He also has a degree in mathematical sciences and a masters in computer science from The University of Birmingham.

Richard Tyler is director of editorial at Fast Track.

Richard was the enterprise editor of The Daily and Sunday Telegraph for nine years, covering private companies and government policy. He trained in journalism at Euromoney, part of The Daily Mail & General Trust, after completing his degree at Manchester University.

ABOUT FAST TRACK

Compiler & publisher

The authors

Hamish Stevenson owns and runs Fast Track, which he founded in 1997 after securing cornerstone sponsorship from Virgin and ongoing support from Sir Richard Branson. He works closely with leading entrepreneurs, sponsors and media partners.

He is an associate fellow at Green Templeton College, Oxford University; where he completed his masters and doctorate in management studies, and subsequently set up and held the Virgin research fellowship in entrepreneurship. He also has a degree in political science from the University of North Carolina, Chapel Hill.

Research support was also provided by Fast Track researchers Ying Chen, Michael Cook, Camilla Davis, Matthew Elliott, Claire Harrington and Thea Stewart-Irvine; and freelancers Ashley Cavers, Laura Parker, Suzie Pilkington, Luke Purser, Dan Robinson and Francesca Woodhouse.


https://www.linkedin.com/in/hamishstevenson1/



fasttrack.co.uk

Fast TrackProfit Track 100 is compiled by Fast Track, the UK's leading research and face-to-face networking events company, which ranks top performing private companies and entrepreneurs.

Fast Track has compiled league tables on private companies in partnership with The Sunday Times for the last 22 years. It publishes six other annual league table awards programmes:

SME Export Track 100 ranks Britain's SMEs with the fastest-growing international sales (total sales between £5m and £25m)

Tech Track 100 ranks Britain's private technology (TMT) companies with the fastest-growing sales

Fast Track 100 ranks Britain's private companies with the fastest-growing sales (excluding tech companies)

International Track 200 ranks Britain's mid-market private companies with the fastest-growing international sales (total sales over £25m)

Top Track 250 ranks Britain’s leading mid-market private growth companies with the biggest sales (the next tier below the top #100, and minimum 5% growth in sales or profits)

Top Track 100 ranks Britain’s private companies with the biggest sales (£700m to £27bn)

Fast Track is based in Oxford with 28 staff, and a network of 10 freelance researchers.

CONTACT DETAILS

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

Tel: 01865 297100

Email: [email protected]

Web: fasttrack.co.uk

@ST_FastTrack @FastTrackAlumni

The Sunday Times Fast Track




https://twitter.com/fasttrackalumni

https://www.linkedin.com/company/sunday-times-fast-track/


https://www.linkedin.com/company/sunday-times-fast-track/

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