Average salaries for employees in Peterborough have risen by 13 per cent over the last year - considerably outpacing the city’s hi-tech and high salary neighbour Cambridge.
The average salary in Peterborough shot up from £21,000 last year to £24,000 this year, according to the annual Cambridgeshire Ltd study carried out by accountants and business advisers Grant Thornton.
However, the average salary in Peterborough is still short of its counterpart in Cambridge where the average salary now stands at £31,000 - up just five per cent from £29,800 a year ago.
This is one of the more startling findings in the annual review of the county’s economy which paints a picture of an extremely buoyant business scene.
The survey reviews the performance of the county’s top 100 firms, which includes numerous companies based in Peterborough.
Paul Brown, of Grant Thornton, said: “This year we have not only seen companies enjoying higher turnovers but they are also seeing rising profits.
Companies are improving the quality of the earnings and that is important for our ability to sustain businesses of the future.Paul Brown
“Companies are improving the quality of the earnings and that is important for our ability to sustain businesses of the future. It provides the funding necessary for growth and employment.”
Countywide turnover has increased by six per cent to £10,085 million with EBITDA up by 31 per cent to £1,161 million, with 71 per cent of firms reporting an increase.
Across the county, employment is up 2.8 per cent to 51,327 people. There has been continued investment in fixed assets. Net debt is down by just over £30 million - a fall of three per cent to £889 million.
David Newstead, partner at Grant Thornton, said: “It is fantastic that once again we are reporting on so much growth in Cambridgeshire.
“There are few if any (regions) that can match the acceleration of profit growth and this is testament to the quality of businesses we have in our county.
“Last year we reported on a stabilisation of profits; any fear that these had plateaued has been shattered by this years acceleration in profit growth.
“The Growth Index clearly demonstrates that Cambridgeshire Ltd has focused on the quality of earnings with ever increasing retained reserves, improved liquidity and perhaps most important of all, the spread of sectors represented in the Growth Index.
“Cambridgeshire Ltd has also continued to lead the way in terms of creating opportunities for its people, and I am pleased to note that the profits businesses are reporting are being shared with its people through above inflation pay rises.
“The success of Cambridgeshire Ltd in 2015 shows no immediate signs of slowing.
“This is evident from those companies just outside of the Top 100, which are displaying strong growth.
“It is a reflection of the strength of the county that this growth isn’t confined to one particular sector or size of business.”
Cambridge’s top 100 companies:
1. Marshall of Cambridge (Holdings) Limited 2. Hilton Food Group PLC 3. ARM Holdings PLC 4. BGL Group Limited 5. G’S Group Holdings Limited 6. Vindis Group Limited 7. Domino Printing Sciences PLC 8. Napp Pharmaceutical Holdings Limited 9. H.L. Hutchinson Limited 10. Aveva Group PLC 11. PRO CAM Europe Limited 12. Produce Investments PLC 13. Becap Spicers (UK) Limited 14. Russell Burgess Limited 15. George Thurlow & Sons (Holdings) Limited 16. Ideal Shopping Direct Limited 17. Ridgeon Group Limited 18. Abcam PLC 19. Mundipharma Research Limited 20. Xaar PLC 21. Sepura PLC 22. Cambridge Education Group Limited 23. Driftwell Investments Limited 24. Lifecrown Investments Limited 25. JDR Enterprises Limited 26. Welding Institute(The) 27. J.B Shropshire & Sons Limited 28. NL Recruitment Ltd 29. Gardman Group Limited 30. Anglia Components Limited 31. J.E. & V.M. Dalton Limited 32. Mick George Limited 33. Chivgate Limited 34. Almaren Limited 35. AK Retail Holdings Limited 36 F.P.Smith (Holdings) Limited 37. Lawrence David Limited 38. Baker Perkins Limited 39. Premier Holidays Limited 40. Jagex Limited 41. Avro Holdings Limited 42. Elektron Technology PLC 43. Roe Bros. & Co Ltd. 44. Murkett Brothers (Holdings) Limited 45. G.& J.Peck Limited 46. Bidwells LLP 47. Amino Technologies PLC 48. Alan Bartlett & Sons (Chatteris) Limited 49. John Henry And Sons (Developments) Ltd 50. Friar’s Pride Limited 51. Brookgate Limited 52. Ubisense Group PLC 53. Magdalene Holdings Limited 54. Kershaw Group Limited 55. Adcock Refrigeration and Air Conditioning Limited 56. Princebuild Holdings Limited 57. Tayvin 40 Limited 58. Brady PLC 59. Frederic Smart & Son Limited 60. GW Pharmaceuticals PLC 61. RGE Engineering Limited 62. Subway Realty Limited 63. Sagentia Group PLC 64. Red Gate Enterprises Limited 65. The Excell Group PLC 66. Cambridge Commodities Limited 67. TOY Brokers Holdings Limited 68. Askew & Barrett (Pulses) Limited 69. Parametric Investments Limited 70. Macxchange Ltd 71. Knowles (Transport) Limited 72. Linaro Limited 73. Clarksteel Holdings Limited 74. Munro Group Limited 75. Cambridge Broadband Networks Limited 76. Secure Group Limited 77. Business Control Solutions Group Limited 78. Moorhouse & Mohan Limited 79. Ip.Access Limited 80. Hales Group Limited 81.Creightons PLC 82. Car World (Cambs) Ltd 83. Quixant PLC 84. SWP Group PLC 85. BRT (Wisbech) Limited 86. Anglia Home Furnishings Holdings Ltd 87. Rapidrop Global Limited 88. Bell Educational Trust Limited (The) 89. Beam Group Limited 90. R J Herbert Group Limited 91. Eagle Foods Ltd 92. Scotsdale Nursery and Garden Centre Limited 93. Flo-Mech. Limited 94. Kerry Plant Hire & Sales Limited 95. Beamglow Limited 96. P.C. Howard Limited 97. Alpha CRC Limited 98. Firstan Holdings Limited 99. Fencor Packaging Group Limited 100. LH Holdings Limited
The table is based on the publicly available accounts of the top 100 firms based on turnover. The firms have their principal place of business and management in Cambridgeshire.