Norfolk is proving to be a county worth investing in according to a report based on its top 100 firms.

The Norfolk Limited 2024 - which pools together 100 of the county's largest independently owned or controlled companies - has revealed there is more to the region's business landscape than agriculture.

The report, compiled by Lovewell Blake and Mills and Reeve, serves as a snapshot of the county's economy based on the listed companies. 

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Since November last year, there has been a 13.2pc increase in aggregate turnover.

Three of the 100 businesses that are in the oil, gas and energy sector have more than doubled their revenue, with a 54.1pc revenue increase since 2023.

The county's oil, gas and energy sector has increased by 54.1pc over the last yearThe businesses in the county's oil, gas and energy sector have increased their revenue by 54.1pc over the last year (Image: Newsquest) The data showed that despite the county's agricultural reputation, several other industries are proving successful and offering a diversity to Norfolk's business economy with four of the seven sectors increasing their revenue by 15pc or more.

Furthermore, the 19 businesses in the services sector have had a 7.7pc growth in revenue and make up almost a quarter of the 100 companies' total revenue. 

Toby Wilson, partner at Lovewell Blake, said: "People associate Norfolk with an agricultural and sea-based economy, but there is a very strong corporate economy as well." 

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He said: "There is also a stereotype that people from the county are not as ambitious or assertive as others but with growth across the board, that’s not the case." 

Tim Barnes, senior manager for Lovewell Blake, agreed. 

He said: "There is a healthy level of dynamism that shows no one is standing still and doing what they've been doing for 100 or 200 years."

However, although there has been a 13.2pc increase in revenue, the companies' operating profit is down by 9pc, which could mean businesses have been faced with greater costs.

Toby Wilson believes there's more potential in Norfolk than people realiseToby Wilson believes there's more potential in Norfolk than people realise (Image: Lee Blanchflower)

Lovewell Blake and Mills and Reeve presented the data to a group of business representatives at an event on November 12. 

They asked the attendees to rank possible reasons that could be contributing to growth for companies across the county.

Private investment from within and investment from outside Norfolk and development of the county's infrastructure were ranked the top possible reasons. 

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Mr Barnes said: "We don't talk about growth without talking about what is driving growth. 

"The impact is important because it contributes to things like social mobility."

Tim Barnes says the report shows a healthy level of dynamismTim Barnes says the report shows a healthy level of dynamism (Image: Lee Blanchflower)

More generally, the report also takes a look at data from 2022 where Norfolk leads in two aspects in comparison to other East Anglian counties.

Firstly, the county boasts 3,755 businesses with more than 10 employees, which is 430 more than Lincolnshire - the next best.

It is also in close competition with Cambridge when it comes to high growth businesses.

Business boosters 

Several factors are able to help bolster growth for the county's businesses.

Regarding the role of technology, the partners also said businesses are pivoting to adapt to technology's potential but this is not yet an aspect the data is able to show. 

However, businesses that are open to incorporating technology as a "value-added proposition", according to Mr Wilson, rather than a cost-cutting measure will also see success. 

Aerial view of the Norwich Research ParkAerial view of the Norwich Research Park (Image: News Quest)

Mr Wilson said: "One aspect we haven't yet been able to pull out of the data is the technology that underpins these businesses."

He also mentioned there are locations in Norfolk that are helping businesses thrive, such as the Norwich Research Park, which has been described as "an important hub for creativity" in the county.

More than 40 businesses operate across the Norwich Research ParkMore than 40 businesses operate across the Norwich Research Park (Image: Norwich Research Park)

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Hope for the future?

Although the report is only a measure for the county's overall performance, growth for Norfolk's businesses in the long-term means growth for the county.

Craig Hodgson, head of Norwich Office for Mills and Reeve, believes the results of the report could make Norfolk a county worth investing in.

Craig Hodgson says growth in the business sector will encourage more people to move to NorfolkCraig Hodgson says growth in the business sector will encourage more people to move to Norfolk (Image: Gary Rowsel Photography) He said: "There will always be challenges with growth but in the longer term that should give rise to more employment and make the county more attractive to either retain people in Norfolk or bring in people from outside."

  • To receive a free copy of the full report contact t.cox@lovewell-blake.co.uk