Norfolk

Norfolk survey of top 93 firms shows 6.9% turnover growth

  • 3 June 2014
  • From the section Norfolk
Norwich City FC Image copyright Mike Page
Image caption Norwich City contributed to the growth despite their relegation from the Premier League

The combined turnover of Norfolk's top 93 companies has grown by 6.9% in the past year but profits have fallen, a survey has revealed.

Grant Thornton said accounts for the firms show aggregated turnover rose from £4.8bn in 2013 to £5.1bn in 2014.

This shows "the county weathered the economic challenges of recent years surprisingly well", a spokesman said.

Employment had increased by 6% giving an average company head count of 420 staff compared to 396 in 2013.

All the companies in the survey - dubbed Norfolk Limited - have a turnover of more than £11.4m, said a spokesman for Grant Thornton, who commissioned it.

'Challenging environment'

However, total operating profit overall fell from £252m in 2013 to £160m this year.

"The majority of the movements are attributable to the results of three companies: food producer Bernard Matthews, Norwich City FC and subsea contractor Acteon," the spokesman for Grant Thornton added.

Image copyright PA
Image caption Bernard Matthews was one of three companies singled out in the report

Many companies had increased borrowings but others were investing for the future from their own and other sources, the study showed.

"Overall, the results indicate that companies have, despite the challenging environment, been investing.

"Long term debt, rising headcount and wages for Norfolk Limited have all increased; a sign of confidence in the future.

"Equally, the analysis points to continual difficulties with rising costs for many firms, and the inability to pass these on to customers."

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