Wages at leading private companies in Suffolk have soared by 8% in a year, a new report reveals.

The Suffolk Ltd report shows the average salaries for the 35,808 people they employ have shot up from £33.9k in 2023 to £36.6K.

The table ranks the top 100 private companies in the county according to turnover using the most recent publicly available accounts as at August 1, 2024 -

Despite the many challenges faced by the logistics sector in recent times, haulage firms Turners (Soham) Holdings Limited and Maritime Transport Limited came first and second respectively.

And a haulage firm providing services to some of the biggest names in the entertainment industry topped a separate table for the fastest growing top firms in Suffolk.

Transam Trucking topped a list of 50 companies in the annual and much-anticipated Suffolk Limited report.

The study  - which is produced by accountants Grant Thornton and lawyers Birketts - shows how the county's top companies are performing.

Taking out publicly-listed companies, it ranks the top 100 performing firms, and the top 50 fastest growing firms

In third place in the Suffolk Ltd Top 100 list is the East of England Co-operative Society, fourth is AJN Steelstock and fifth is John Grose Group.

They are followed by Marriott Holdings, Muntons, Suffolk Group Holdings, One Group Construction and Truckeast.

Overall, companies achieved turnovers of between £19.2m to £600m - collectively amounting to £6.9bn of sales.

But profitability as shown by the firms' EBITDA (earnings before interest, taxes, depreciation, and amortisation) stood at £665.7m - a slight 1.2% decline from the previous year.

The largest sector by number of companies and turnover was consumer products – 36 companies with a collective turnover of £3.3bn - followed by services with 21 companies which together made £1.3bn.

The greatest concentration of Top 100 companies was in Ipswich, which leads the way with 38 private firms, followed by Bury St Edmunds with 18.  The next three are Newmarket (7), Eye (6) and Felixstowe (5).

The report also features 25 largest subsidiaries of internationally-owned companies by turnover.

These are led by the hospitality group Greene King Limited, and agricultural suppliers Forfarmers UK Limited, both of which operate from bases in Bury St Edmunds.

Grant Thornton regional practice leader Tim Taylor said: “Economic growth is a huge national priority but achieving it over the last 12 months has proved challenging in many parts of the UK.

"Wage inflation is a powerful dynamic, and the battle for talent remains a key challenge for many companies, alongside the increasing costs of other essential resources. 

"In this climate, the success of the Top 100 shows the importance of having a diverse and resilient business landscape.

"That’s something we are blessed with in Suffolk, with sectors such as motor retail, transport, and logistics playing pivotal roles in providing employment and skills opportunities alongside more established sectors such as agribusiness.  It is a great base from which to build further progress in 2025.”

Birketts partner Alexandra Nelson said Suffolk’s economy has a lot to be positive about. 

But she added: "With Employer National Insurance increases and a raft of new employment laws on the horizon, 2025 will no doubt be testing for UK businesses.