Leading companies in the north have seen their profits soar by 26% in the last year, despite their sales being generally flat, according to findings in the latest Ulster Business Top 100 publication.
Each year, the monthly glossy magazine charts the success stories of Northern Ireland’s largest businesses ranked on turnover.
The latest edition, published in association with KPMG and which hits desks this week, reveals that turnover remained largely similar to 2024, sitting at a total of £35.6 billion.
But pre-tax profits in the top 100 firms rose to £1.86 billion from £1.47 billion.
Pilgrim’s Europe, the poultry giant which formerly traded as Moy Park, topped the list this year with turnover of more than £2bn in its most recent trading year, while it also recorded a massive 276% surge in pre-tax profit, rising from £18.7m to £70.3m over the period.
Pilgrim’s Europe, the poultry giant which formerly traded as Moy Park, had a turnover of more than £2bn in its last trading year
“This year has seen an increase in year-on-year profit with profit margin for the Top 100 companies increasing from a margin of 4.1% to a margin of 5.2%, with total profits now sitting at £1.86bn compared to £1.47bn for the corresponding companies in their prior year,” said Jonathan Cushley, who compiled the list.
Johnny Hanna, partner in charge at KPMG in Northern Ireland, said: “The release of the Ulster Business Top 100 issue acts as an important benchmark to the corporate year.
“It holds a mirror up to our largest firms, gives us insight into our most important sectors and takes the temperature of the economy.
“The growth in profits over the last year is testament to the innovation and tenacity of the Top 100 and bodes well for the future.”
He added: “With the added benefit of dual market access to the UK and EU, expectations of a more favourable environment for businesses selling into the US and the potential for a cut in corporation tax in Northern Ireland, the table is set for continued success in the coming years.”
Some of the newcomers to this year’s list include MCMU Holdings Ltd, Nelipak Healthcare Packaging Ltd, and Huhtamaki Foodservice Delta Ltd.
John Mulgrew, editor of Ulster Business, said: “This year’s list shows strong performances from many of our leading firms, and in particular, indicates improving margins in some cases, resulting in more substantial pre-tax profits, while sales are essentially flat.
“While it’s not a race to billion, we now have seven firms cracking that turnover mark, while Pilgrim’s Europe is the only firm here to hit the £2bn sales point.
“But it’s also the many other firms making the list which are key to Northern Ireland and, along with our SMEs and micro businesses, remain the engine of our economy here.”