The fastest growing Lincolnshire businesses are leading the East Midlands for investment in research and development, according to a recent report.
Now in its fifth year, the East Midlands Top 200 Report showed that Lincolnshire is investing more in R&D than any other East Midlands county.
Lincolnshire also posted the lowest amount of short-term debts and loans in the area, which has suggested positivity for business growth.
Gelder Group Holdings is the county’s highest ranked business on the report at 21 and Brayford Plastics, Plaza Investments and Redshank also make up the top 30.
The report has also shown that collectively, businesses in the East Midlands have grown profits on average of 30% and employment by 39% over the last three years.
All 200 businesses on the 2017 list were unveiled at a series of breakfast events across the region, showing a combined annual turnover of £15.9 billion, operating profit of £1.5 billion, almost 100,000 employees and an average operating profit margin of 9.50%.
Director at Grant Thornton’s East Midlands regional office and presenter of the findings, Mark Pashley, said: “Given the tight criteria for sustained profit growth required for companies to be included on the East Midlands Top 200 Report, it is testament to the strength of the regional economy that so many companies qualified.
“The detailed analysis uniquely ranks businesses based on their profit growth over a three-year period – from 2013 to 2016 for this year’s report – to give us the most insightful snapshot of the health of the East Midlands’ economy.
“In the three-year period covered by the 2017 report, it is clear businesses in the East Midlands continue to experience a healthy and robust trading environment.
“It is interesting that the services sector is the largest and top performing sector by profit growth this year, with 62 service companies from the IT/software, legal, recruitment, financial, real estate, banks, travel and tourism sectors, and has performed significantly better than in previous years.
“With 51 companies on the list, manufacturing is the second largest sector this year, and property and construction takes third place with 31 companies.”