Turnover of the top 500 companies in the East Midlands has risen by more than 18% year on year to £97bn, a new report reveals.
The annual East Midlands Top 500 Companies Index celebrates the contribution which the region’s biggest companies make to the economy – and this year marks a milestone as the EM Top 500 reaches its fifth anniversary.
The 2024 index was launched last night (June 20) at the East Midlands Chamber annual dinner by Professor David Rae, of De Montfort University Leicester (DMU), who leads the research team which meticulously compiles the index, in partnership with colleagues at University of Derby and Nottingham Trent University. It is supported by East Midlands Chamber and Cross Productions.
Top of the list for the fifth year running was Boots, the Nottingham-based health and beauty company, which recorded £7,467,000, although this was down from 2023’s £7,803,000.
Derbyshire car supermarket company Motorpoint entered the Top 10 for the first time after seeing turnover reach a record £1.3bn.
There were 84 new entrants on the list, compared to 97 who made the list for the first time in 2023. Top new entrants were employability firm Maximus UK, of Leicestershire, which entered at number 78, and Atten Group, an IT company based in Derby, which was placed at number 135.
Highest climber was housebuilder Stonewater Developments which rose 295 places from 411 in 2023 to 116 in 2024.
David Rae, Professor of Enterprise at DMU, said: “The East Midlands Chamber has been a supporter of the EM Top 500 since its inception, so we were delighted to be able to present the first findings of 2024 at its President’s Awards Dinner in front of leaders of major companies in the region.
“With five years of data capturing substantial shifts in the regional economy and an in-depth Sectoral Analysis, we are eager to utilize this information to guide the future growth of the East Midlands economy.
“The advent of the new East Midlands Mayor and Combined Authority, the East Midlands Freeport, the anticipated election of a new group of MPs representing the East Midlands, and other strategic initiatives signal a promising outlook for the region’s prosperity.”
The index is compiled using Companies House data filed for the period between 1 July 2021 and 30 June 2022, including turnover and employment. This includes part of the COVID and recovery period. The number of people employed at the top 500 companies fell 1.4% from 434,348 in 2023 to 440,230 in 2024. Among the top 10 companies, while revenue grew 12.7% on 2023, staffing levels were down 11%.
Richard Blackmore, the Chamber’s head of special projects, said it was reassuring to see East Midlands industry continuing to drive growth in the UK economy.
He said: “The region has been through a tough few years so it is good to see businesses on the list thriving. Their success creates employment and growth for the regional and national economy and continues to highlight the East Midlands as a place to do business.
“Many of the businesses on the list are Chamber members, playing their role in supporting and raising the profile of the region we work and live in. I would like to thank De Montfort University, the University of Derby and Nottingham Trent University for the huge amount of effort which goes into compiling this valuable resource.”
