Cambridgeshire’s largest privately owned companies recorded modest growth in 2025, according to the latest Cambridgeshire Ltd annual report, with many of the county’s top firms maintaining close links to the University of Cambridge.

The report, compiled by accounting firm Grant Thornton, shows that the combined turnover of Cambridgeshire’s 100 largest privately owned companies reached £7.78 billion as of 1 August 2025. This represents a 0.82% increase from the previous year. Employment across the businesses also rose by 1.1%, with more than 29,000 people working at the companies featured.

Several firms in the top 100 have direct ties to the University. Cybersecurity company Darktrace ranked third among the top 100 companies and fifth among the 50 fastest-growing businesses. According to its website, the firm has its “roots in the signal processing lab at the University of Cambridge” and was co-founded by Cambridge mathematicians.

Robinson College has strong connections to Cycle Pharmaceuticals. The company’s founder and CEO, James Harrison, is a Robinson College alumnus and an Honorary Fellow of the College. Cycle Pharmaceuticals’ parent company, Cycle Group Holdings, ranked 21st in the Top 100, sixth among the 50 most profitable companies, and second among the 50 fastest-growing businesses.

Cambridge Innovation Capital (CIC), which ranked 22nd among the 50 most profitable companies, also maintains close links with the University. CIC invests in university spinouts and technologies in exchange for access to innovations in deep tech and life sciences. In July 2025, CIC pledged £100 million to support emerging spinouts from the University. CIC also backs other companies included in the report, notably CMR Surgical, a robotic surgical technology company.

Cambridge University Press (Holdings) was also recognised, ranking 42nd among the 50 most profitable businesses in 2025.

In the introduction to the report, James Brown, a partner and practice leader at Grant Thornton in Cambridge, said: “A year of quiet resilience and bold ambition – Cambridgeshire’s economy continues to grow, even as the landscape shifts.”

“Sector performance this year paints a dynamic picture of Cambridgeshire’s ever-changing economy. The Manufacturing and Industrial sector remains the largest contributor to turnover at £2.5bn, with 34 businesses featured,” he added.

The strongest growth was recorded in the technology, media, and telecommunications sector, which saw turnover rise by 18.5%. The University continues to play a significant role in this expansion through investments in deep tech, life sciences, social ventures, and sustainability via spinouts. Since 1995, Cambridge Enterprise has helped launch more than 210 spin-out companies.

Brown explained: “These trends reflect continued knowledge-intensive and service-driven growth, while sectors such as Private Healthcare and Real Estate and Construction show mixed performance and signs of strategic repositioning.”