Two North East businesses have featured on a national table of the UK companies with the fastest growing profits.
Gateshead’s Northern Gas and Power has placed second in the Sunday Times’ Profit Track 2020 league table, while Teesside firm px Group is ranked 53rd.
Profits at Northern Gas and Power, a utility procurement firm, have increased 116.63% over the past three years.
CEO Fokhrul Islam said: “We are of course delighted to be recognised for our work – it’s testament to the hard work of everyone in the business.
“But what matters now is looking after the health, wellbeing and livelihoods of all those who are adversely affected by the devastating consequences of coronavirus. Northern Gas and Power is at hand to support any business where it can.
“We have already delivered critical services for care homes, hospices, schools, housing associations and doctors’ surgeries, giving our support to those in need.”
Profits at px Group have risen by an average of 53% each year over the past three years to £6.6m.
The company processes gas for the equivalent of 10m UK households and manages, operates and maintains some of the UK’s largest industrial facilities, including St Fergus Gas Terminal, in Aberdeen, and the Teesside Gas Processing plant.
CEO Geoff Holmes said: “I am delighted to see that the hard work put in by everyone at px Group has been recognised alongside some fantastic UK businesses. Our growth is a testament to our commitment to providing the highest quality of service to our clients, which we never compromise on.
“I would like to thank the whole px team - from northern Scotland all the way down to London - for their efforts over the last year. I would also like to pay tribute to their extraordinary work in helping keep the UK energy supply going throughout the disruption brought by coronavirus.
“We have a strategy in place to build on our strong performance and we look forward to seeing the results of that bear fruit over the coming months.”
The Profit Track table is topped by fitness clothing retailer Gymshark and includes companies such as Marshall Amps, Thatchers Cider and bicycle manufacturer Brompton.
The list is compiled by Fast Track, whose chief executive Hamish Stevenson said: “These Profit Track companies make an important contribution to our economy, paying taxes that support the NHS
and other public services we are relying on at this very difficult time.
“We hope their impressive profit growth will give them resilience in the face of the serious economic disruption caused by the pandemic.”
