Merrit Group is a fast growing company
The Joseph Merritt Group Plc, a leading global specialist in the lifting, transportation, installation, removal and storage of manufacturing machinery and production equipment has been named as one of the fastest growing businesses in the UK’s East Midlands.
Grant Thornton, a leading financial and business adviser, has issued its third report looking at the 200 fastest growing companies within the East Midlands on the basis of profit growth over a three year period. It is noted that these business have, “each made a significant contribution to the success of the East Midlands over the last three years.”
Merritts were one of only 58 companies on the list to return, having appeared in the report in the prior year. This year, however, has seen them rise from 78th position to the number 32 spot.
James Merritt, co-owner said, “I am extremely proud that Merritts have appeared on the list for the second year running. It gives a great sense of satisfaction to know that all the hard effort we put in is delivering a successful outcome. Over the last year we have taken on an increased number of large-scale projects, which has given us the opportunity to further invest in more resources. We have also benefited from a change in funding supplier, which has provided increased working capital and further scope to expand. We plan to build on this momentum and look forward to hopefully moving up the list again next year.”
An in depth financial performance analysis was carried out on the 200 businesses which have delivered the greatest sustained growth in profit before tax, interest and exceptional items after adding back directors’ emoluments (adjusted EBIT). The report excludes companies which are part of overseas groups, or subsidiaries of companies from the rest of the UK.
During the three year period, the average company on the list managed to grow its profits by 81%. Merritts has been able to generate its growth in numerous ways, including; diversification into new markets, investment in new equipment and hiring more sales personnel to further develop the sales pipeline. In fact, the average company on the list has been increasing its workforce by 3.7% per annum.