TES have been included in the third edition of London Stock Exchange’s landmark 1000 Companies to Inspire Britain report, showcasing the UK’s most inspiring and fast growing SMEs.
According to Xavier Rolet, CEO, London Stock Exchange Group, the report highlights 1,000 of the fastest-growing SME’s throughout the UK. In this third edition of the report some interesting new trends have emerged, showing more high-growth firms coming from outside London, with 25% more companies represented from Wales and Northern Ireland.
This is the second year that TES have featured in the 1000 Companies to Inspire Britain report, making it one of only 240 companies in the UK to do so. Selection Criteria used by London Stock Exchange for the report is stringent with key financial performance indicators and sector benchmarks used to identify qualifying companies. The required full criteria is;
Companies must be active and registered in the UK. Companies whose parent is incorporated in a foreign country are excluded, except for specific tax shelters. Ltd, PLC and LLP entities are all considered. Investment vehicles and funds and excluded, as are charities and non-profit organisations.
Independent company or consolidated group revenues must be between £6m – £250m, based on latest Companies House filings. Companies are excluded that have been incorporated within the past three years (ie, after 1 Novemeber 2012).
Each company’s average annual turnover growth rate is calculated over a three-year period (based on four sets of accounts are available). The calculations are weighted to favour latest-year growth. Any company with over 20% deterioration in net assets over a three-year period is excluded.
Having identified the long list, the eligible companies are then separated into their Standard Industrial Classification (SIC) grouping. Within each SIC sector, the companies are ranked by their individual growth rate; and those that have most outperformed their sector averages are identified.
Writing within the report George Osborne MP, Chancellor of the Exchequer commented
“UK high-growth businesses are leading the charge in rebuilding our economy. These companies are the backbone of the British economy. They create high-quality, well paid jobs, innovate and drive economic growth. This government fully understands the need to support ambitious entrepreneurs and ensure they can access the finance they need to grow.”
Following publication of the report Brian Taylor, TES Chairman, said “it’s a great recognition of our work to be included within the report for the second year in a row and to be one of only a handful of Engineering companies to be representing Northern Ireland. Our inclusion highlights the continued growth and development of TES in comparison to our peers and also demonstrates the positive contribution the TES team are providing to not only our global clients but also to the wider UK economy.”
For further information on the 1000 Companies to Inspire Britain Report please visit www.lseg.com