A recent study has revealed that Merritts Machinery Movers are one of the fastest growing businesses in the East Midlands.
Grant Thornton, a leading business adviser, have issued their third report looking at the 200 fastest growing companies within the East Midlands on the basis of profit growth over a three year period.
Merritts were one of only 58 companies on the list to return, having previously appeared on the 2014 report. This year, the Kirkby in Ashfield based company rose from 78th position to 32nd place in the list.
In order to qualify for the list, an in-depth financial performance analysis was carried out on the 200 businesses which had delivered the greatest sustained growth in profit before tax and interest.
The report excluded companies which are part of overseas groups, or subsidiaries of companies from the rest of the UK.
During the three year period, the average company on the list managed to grow their profits by more than 81%.
Merritts have been able to generate their growth in numerous ways, including diversification into new markets and investment in new equipment and vehicles.
Once again the league table was dominated by the manufacturing and services sectors, although it is noticeable in the current year that other sectors are catching up with substantial increases in the numbers of suppliers and distributors as well as retailers, which together account for approximately 30% of the list.
Nottinghamshire has the highest representation on the list of any county with 55 businesses currently registered. Nottinghamshire also has the fastest average rate of profit growth of any county at 35% per annum.