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SPECIAL SUPPLEMENT
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WORKING THROUGH UNCERTAIN TIMES
War in Europe, crippling energy bills, soaring inflation, the cost-of-living crisis and major skills shortages – there’s certainly been enough to occupy the minds of Lancashire businesses over the past 12 months.
And that uncertainty is mirrored in this year’s Hot 100 figures, which show a 12 per cent drop in profit before tax compared to the previous year and a significant 26 per cent fall in employees.
However, there is still much to be optimistic about – the profit figure is an impressive £254m and total sales actually increased by £138m. Total revenues are also at an all-time high.
The removal of Covid government initiatives, such as loan schemes and furlough funding, as businesses continue to recover from the pandemic, has also had an impact on the overall profit number.
And there is evidence that many of the businesses that had a bad year during Covid have either bounced back to or are marginally ahead of where they were a few years ago.
Our annual insight into Lancashire’s most profitable SMEs, the backbone of the county’s economy, shows 46 newcomers, making up an impressive 41 per cent of the profits.
And of the companies which dropped out of the table this year, eight were as a result of growth which has taken them into the large company status.
The construction sector dominates this year’s Hot 100 with a 35 per cent share. Vehicle sales, repair and parts businesses have also performed well.
Company profiles by Tim Aldred
Dean Rodgers, accounts and advisory manager at PM+M accountants, who once again compiled the Hot 100 for us, says the diversification of Lancashire’s economy has helped create a resilient marketplace and despite the falls in sales and workforce numbers sees positive trends in this year’s list.
He says: “The Lancashire SME market continues to show resilience and adaptability and contributes significantly to the local and national economy.
“The county is well positioned to continue attracting investment, fostering innovation and driving future economic growth.
“As we go to print, inflation is showing no signs of slowing, and with a general election looming, it will be interesting to see how this impacts Lancashire SMEs over the next 12 months.”
Lancashire Business View chairman Richard Slater says: “One key theme from this year’s Hot 100 is the bounce back that companies impacted by the pandemic are seeing.
“However, there is no doubting the uncertainty we’ve seen over the past year and the impact that has had.
“These have been challenging times but once again our businesses have faced them head on to deliver for both Lancashire and the national economy.
“Resilience, innovation and inspiration continue to be the hallmarks of our SME sector.”
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