In the last year the UK government has started to resemble a premiership football club, with the number of changes at the helm and rumours about the future of the incumbent, just when we needed some stability. The popularist politics that many blame for the referendum vote has continued to influence and shape global events – putting a reality TV star in the White House and the leader of a party he only founded a year earlier, into the Elysee Palace. All this is on top of an already complex, fast-moving, business environment where technological and regulatory changes are having fundamental impacts on business models and markets.
Despite the turbulence around them, the companies that featured on the Profit Track 100 2017 league table have shone like beacons for the economic engine, showing that mid-sized UK businesses are growing their profits faster than ever. We had the opportunity, as title sponsors of Profit Track to celebrate with these companies on Wednesday 14 June at The Savoy in London at the Profit Track Awards Dinner, which also marked the fourth year of BDO’s sponsorship.
We sponsor the Profit Track 100 because we are committed to the success of those mid-sized, entrepreneurially spirited companies that make up what we call the economic engine of the UK economy. These companies are the core of our business, where we generate over 60% of our revenues. They are in our blood and our heritage.
The entrepreneurs and management teams behind these companies have continued to do what they do best during the uncertainty of the last twelve months. There’s been a palpable feeling from the companies that we speak to, of rolling up their sleeves and planning for growth and success. But there are storm clouds on the horizon as we head into the Brexit negotiations with a far from stable domestic political situation. It is therefore vital that the Government don’t take the resilience of UK business for granted and ensure that policies are supportive and enable growth and investment.
It’s difficult to remember a time in recent history where the in-tray of a government has been so full. It is absolutely essential, however, that policy makers aren’t distracted by either the political difficulties of governing in a delicately balanced Parliament or the complexity of the Brexit negotiation itself. The Government must make time to ensure they also focus on creating a business friendly landscape in the UK, more so than what appeared to be the direction of travel in the various manifestos.
Profit Track 100 2017 Awards Dinner
Guests at the awards dinner heard from two companies who are massive, UK success stories. Firstly a really interesting Q&A session with Jim Ratcliffe, founder, chairman and majority owner of INEOS – a Profit Track 100 alumnus and the largest privately owned UK company. We learnt from Jim that you need to look at and do many deals in order to make the best ones.
David Buttress, former CEO of JUST EAT – a company in the heart of the economic engine – was guest speaker and gave an inspiring account of the journey that saw the online food delivery business go from its humble beginnings in a basement to being listed on the FTSE in just over ten years.
Watch the video from the Profit Track 100 Awards Dinner
Stuart Lisle is Tax Partner at BDO.