UK home to more of Europe’s most successful companies than elsewhere
Monzo and Revolut are among the fastest-growing companies by revenue in Europe, Amply's Aisling O'Toole writes
It’s official: the UK is a force to be reckoned with. A recent study by fintech group Plus500 showed that the UK is home to more successful companies (on a profit for profit basis) than any other European country.
The study analysed the largest companies in Europe (by market cap), and compared their total profit in 2022 with their number of employees to discover each business’s profit per employee.
It then calculated which countries had the highest number of companies with the largest profit per employee on the list, in order to find the most business-centric countries in Europe.
And the UK is leading the charge, with 22 companies in the top 100. By comparison, France and Germany rank joint second with 21 companies each in the top 100.
The Netherlands is in third place, based on the number of successful companies. The study also showed that on a global scale, Europe is the second-largest world economy, with a GDP of €14.5 trillion as of 2021.
Companies which call the UK home include energy giants BP, which makes £366,635 profit for every employee, and Shell which is the third most successful company in Europe, making £326,501 per employee.
Global pharmaceutical companies GlaxoSmithKline and AstraZeneca also feature in the top 100 largest companies, as well as banking companies HSBC and Lloyds.
Other tech companies which call the UK home include these hard-hitters.
Monzo, the online banking app, has increased revenue by 185 per cent year-over-year, raking in £440m in 2022. Upcoming plans for a partnership between the company and the UK post office has the tech industry watching closely. Plus, Monzo finally reached profitability earlier in the year.
Online bank Revolut is the UK’s most successful fintech company, growing revenues in 2022 to £850m––despite a downturn in crypto currency, which is one of the company’s strongest financial pillars. In 2023, Revolut added crypto staking, launched its premium Ultra plan and gave its app a new look and feel. Next year, the organisation will enter the bond market, with European clients gaining access to Europe and the US government and corporate debt markets within the first quarter.
In 2023, Tripledot Studios was listed as one of the fastest growing tech companies in the UK, with 69,387 per cent growth year-over-year. The mobile gaming company was founded in 2017 and continues to go from strength to strength, creating free-to-play mobile games that account for 60m downloads on Google Play. Currently valued most recently at $1.4bn, the company plans to expand as we move into 2024.
Despite a tough year, meal delivery service Deliveroo saw revenue rise by 14 per cent in 2022 to £1.97bn, even as customers struggled to deal with the ongoing cost of living crisis and inflation hit the service hard. By the end of this year, Deliveroo expects adjusted core earnings to be between £60m and £80m, and heading into 2024, the company is planning to become profitable within a 12 month period by expanding into non-food related items.
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