Fast Track reveals latest list of region’s most profitable companies

GYMSHARK

The latest list of Fast Track/Sunday Times Profit Track companies has been published, and the mighty gym apparel brand Gymshark, based in Solihull, coming top of the league once again.

And it might be down from 100 to 70 due to the impact of Covid-19, with 30 qualifying firms choosing to withdraw because of the pandemic, but companies featuring have reported increased profits by between 45% and 156% per annum over three years, to a combined total of £769 million, and their staff increased by 10,700 to 31,100..

Gymshark has no plans to furlough employees, and any who cannot work from home are paid their salaries in full while being encouraged to volunteer for the NHS.

Profits at the company have shot up from £1.1 million in 2016 to £18.6 million in 2019, on sales of £176.2m.

Chefs at its Solihull “refuel” kitchen are making healthy meals for front-line workers across the West Midlands and the company is also supporting the Birmingham Women’s and Children’s hospital, is donating £5 for every #NHSsweatyselfie photo taken by its fans, and will raise £175,000 for the NHS trust by the end of April. When Gymshark joked on Instagram that it had changed its name to “Homeshark” to encourage people to stay indoors, it earned one million likes in six days.

THAMES VALLEY Arun Bala Invenio 1Coming in at No 4 in the league is the Reading-based IT consultancy, Invenio Business Solutions. With 16 offices across 11 countries, including Saudi Arabia, India and Mauritius, Invenio generates 62 per cent of its sales overseas and had profits of £7.5 million last year. Founded in 2006, the firm is run by chief executive Arun Bala, 53, and received an £11.6 million investment from growth-capital firm BGF last year, valuing it at just under £70 million.Ede Homes

At No 11 is BAP Pharma. Founded in 2010 and based in Slough, the company works with many of the world’s largest pharmaceutical companies to supply the drugs used in clinical trials. Profits reached £6.5 million in 2018.

At No 16, Ede Homes specialises in mid-priced traditional homes and co-owns about 300 rental properties. In 2018 profits reached £3.8 million. Last year Ede bought the Victoria Hotel in Oxford as part of a joint venture.

Just behind, at No 17,  is Marshall Amps of Milton Keynes. The iconic brand makes up to 200 amps a day, which have been used on tour by bands such as Muse and Gorillaz. Profits rose to £7.8 million in 2018.

At No 18 is Complete Utilities of Gloucester. Clients include companies such as Severn Trent Water, Amey, Gigaclear – and Gloucester Cathedral, helped it achieve profits of £5 million last year. It is now expanding into plant hire.

CanaganAt No 38 is pet food supplier Canagan, based near High Wycombe. The company made profits of £5.9 million in 2019.

Another Solihull company, sports nutrition company Grenade, makes it to No 52 on the list. Since the coronavirus outbreak, the company has been delivering to front-line NHS staff. Profits grew to £7 million in 2018, boosted by a partnership with Marks & Spencer.

At No 64 is technology platform provider Wireless Logic, based in Maidenhead, and majority owned by Montagu Private Equity, profits reached £20.3 million in 2019.