Lowe Rental named in top 100 fastest growing firms

UK: Refrigeration rental company Lowe Rental has made the Sunday Times BDO Profit Track 100 league table for companies with the fastest-growing profits.

The Lisburn-based company was placed at number 42 in the list with an annual profit increase of 74.68%. Its profit for the year to the end of August 2018 was £4,382,000 on sales of £25,966,000. 

Lowe Rental was acquired by equity firm Perwyn in a £60m deal last March. Established in 1977, and formerly known as Lowe Refrigeration, the company has grown to become a global leader in refrigeration and catering equipment rental services to food exhibitions, sporting events and retailers worldwide.

M&E contractor NG Bailey was placed at 22 in the table with an annual profit increase of 89.92%, achieving a profit of £13.7m in its most recent accounts.

The 100 companies, which include well-known names such as domestic appliance manufacturer Gtech, sandwich shop chain Pret A Manger and gym operator PureGym, grew their profits over the last three years by an average of 77% a year.

To qualify, companies have to be registered in the UK and be independent, unquoted and ultimate holding companies. Profit growth is measured by compound annual growth rate over the latest three financial years. Firms had to show a rise in profits from penultimate to latest year.