Top Businesses See Profits Mount In Last 12 Months

The top companies in Northern Ireland have seen their profits rise quite dramatically over the course of the last 12 months, according to the latest edition of the Ulster Business Top 100 publication. The turnover of the largest firms didn’t change a great deal, the publication giving a figure of £35.6 billion in total for the top 100.

But profits are of course all-important and these soared by 26%, from £1.47 billion to £1.86 billion. Increasing turnover is never a bad thing but the bottom line is always the profit that companies are making, as if there is no profit there will eventually be no business to run.

Speaking about the excellent results seen by many of the top 100 companies, Jonathan Cushley, who compiles the Ulster Business Top 100 list, is quoted in an article in the Irish News as saying:

“This year has seen an increase in year-on-year profit with profit margin for the Top 100 companies increasing from a margin of 4.1% to a margin of 5.2%, with total profits now sitting at £1.86bn compared to £1.47bn for the corresponding companies in their prior year,”

This Is An Important Benchmark To The Corporate Year

Johnny Hanna, partner in charge at KPMG in Northern Ireland (who help to publish the list), is also quoted in the same article. He said:

“The release of the Ulster Business Top 100 issue acts as an important benchmark to the corporate year.

“It holds a mirror up to our largest firms, gives us insight into our most important sectors and takes the temperature of the economy.

“The growth in profits over the last year is testament to the innovation and tenacity of the Top 100 and bodes well for the future.”

He added: “With the added benefit of dual market access to the UK and EU, expectations of a more favourable environment for businesses selling into the US and the potential for a cut in corporation tax in Northern Ireland, the table is set for continued success in the coming years.”

Sales Are Essentially Flat But There Have Been Substantial Pre-Tax Profits

John Mulgrew, editor of Ulster Business, is also quoted in the article as saying:

“This year’s list shows strong performances from many of our leading firms, and in particular, indicates improving margins in some cases, resulting in more substantial pre-tax profits, while sales are essentially flat.

“While it’s not a race to a billion, we now have seven firms cracking that turnover mark, while Pilgrim’s Europe is the only firm here to hit the £2bn sales point.

“But it’s also the many other firms making the list which are key to Northern Ireland and, along with our SMEs and micro businesses, remain the engine of our economy here.”

We want to see all businesses, from the smallest start-ups to the big corporate firms in Northern Ireland, making profits, taking on staff and growing the economy, to make this part of the world a real success story.