Top 100 2021: A much more optimistic summer and new players come into play

I remember writing the intro to last year’s Top 100 issue thinking to myself, are we really on our way to putting this pandemic in the rearview mirror?

By and large, we certainly weren’t. A partial reopening in July then led to a tightening in September, a brief two-week high in the run-up to Christmas, and then an even longer lockdown.

I’m much more optimistic this time. I had two stitches in me, as did the majority of my friends and family, and I now feel that we can handle the ongoing challenges that come around us with this level of protection.

As I look at this year’s top 100 list, I remember some of the standout success stories that we have all enjoyed here over the past few years. Some of the companies were short of stature until recently. Now they’re pushing their way up the list, cracking the SMB mark and becoming true giants of the industry in the near future.

There have been a few newcomers this year, particularly a household supermarket brand and an emerging manufacturer that has both grown organically and was on an acquisition path.

The German discounter Lidl comes out coldly in 29th place. It is now registering as a GmbH in Northern Ireland, giving us a true reflection of the size and scope of its business here.

The turnover is around £ 278 million, but as the boss here, Conor Boyle, tells me in this issue, it will go up for the next accounts along with the profits.

Meanwhile, Lisburn’s Mzuri Group – which operates its main brand as Decora – is a new addition to the Top 100 and ranks 91st. At the beginning of this year, the blind manufacturer acquired the British company TCMM – one of the largest distributors of wooden window shutters for interior fittings in the United Kingdom.

Many of the results relate to 2019 or the fiscal year ending March 2020 – just before the effects of the pandemic would have really been felt. Others, however, such as Fermanagh’s Balcas, FP McCann, Glen Dimplex (known as Glen Electric Ltd.

The presentation of family and start-up companies remains an integral part of the annual Top 100 list.

About half of the top 10 are still family-owned or owned, with a significant number of others further down the list also in the same boat.

We only have two publicly traded companies in the top 100 – Kainos and First Derivatives. While we still only have a handful of plcs in Northern Ireland (a few lost to acquisitions), some have been listed in recent years but haven’t made significant sales for this year’s list.

For our largest companies and employers, a problem related to the lack of representation of women remains high.

One look at the list and we seem to have just a few female executives left – a number that has actually fallen in recent years, with senior executives like Moy Park’s Janet McCollum no longer in office.

When looking at startups, micro-businesses, SMEs, and industries such as professional services, the number of women running businesses and businesses is definitely higher. So there is hope that carries over to our largest companies.

One scan over this year’s list and it’s clear that those who are likely to improve their position by the time the list is drawn up in 2022, and those who may fall – work in industries directly affected by the pandemic.

But our leading companies have been through it lately, and they have got through these situations. From the impact of the unrest on some of our longest-running businesses, the 2008 recession, preparation for Brexit and the end of the transition period, businesses of all shapes and sizes face a number of serious challenges and serious risks to their long-term futures.

We expect the economy to grow between 6% and 7% this year, with the latest Ulster University summer report suggesting Northern Ireland is recovering to its pre-pandemic basis and arriving faster than the UK as a whole, by 2023.

Let’s hope this is the direction we’re all headed. As of this writing, there are a number of high profile foreign direct investment plans in place – including a U.S. legal services giant and fintech firms. With these additional new players in the Northern Irish economy and the strength of our own local firms, we are well positioned to get out of this mess better economically in the long term than we got into it. π