The Hertfordshire Limited study, conducted by business advisers Grant Thornton in association with the Hertfordshire Local Enterprise Partnership, provides an in depth financial analysis of the performance of the 200 largest companies which are owned and managed in the county.
This year's report was unveiled to Hertfordshire business leaders at a breakfast event hosted by Grant Thornton and Hertfordshire LEP at The Old Palace, Hatfield House. Here are some of the findings:
-Combined turnover for the county’s top 200 companies grew by a substantial 12.3% to £15.4bn
-Total profits (EBITDA) also increased significantly by 9.6% to £1.25bn with more than 65% of companies achieving a growth in profit
-Employment also grew by 5.8% with almost 103,000 people in Hertfordshire Limited’s workforce
-Average remuneration has risen by 3.4% to £26,028 (compared to the 1.7% increase last year)
-The Automotive sector, comprising 12 companies, delivered the best increase in turnover, up 69.2%
-Profit growth was seen across five of the eight sectors with Automotive and Property & Construction achieving particularly strong performances, up 63.4% and 42% respectively
Mark Bretton, Chair of the Hertfordshire LEP, commented: “The report is an excellent bellwether to measure local business health and Grant Thornton is to be congratulated on collating such an important piece of analysis. As the facts attest, the Hertfordshire entrepreneurial spirit is alive and well, evidenced by robust growth in profits, job creation and remuneration. This is most encouraging for future success.”
Guests also heard a speech from Mark Bretton, and viewed a film, outlining what the LEP has been doing to ensure Hertfordshire remains perfectly placed for business and the county's economy continues to grow.
View the film the guests were shown here.
Read the extended press release here.
Find the full Hertfordshire Limited 2016 report here.