In an annual survey drawn up by the information services company Experian, Liskeard shot into the top twenty for the first time, based on the profit and loss accounts of 250,000 businesses in more than 430 towns and cities across Britain.
In the wider league table also taking in Scotland and Wales, the town also did very well, coming out at 22nd, leaping up from 381st on the previous year. Top town overall was Worthing in Sussex.
However, Steve Besford-Foster, Caradon's Forward Planning Manager, said the town was still suffering economically, and some businesses turning in a profit did not mean the rest of Liskeard was doing well as a result.
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He agreed with part of the report which stated that 'while many companies in a town may be profitable, it is often the case that there aren't enough of them to sustain the local economy'.
Mr Foster said that was probably Liskeard's situation.
'The key message is that the report is only looking at a very small part of the overall economy.
'We wouldn't want the statistics to be misinterpreted which in turn could harm our future eligibility for grant aid' he said.
The only town to beat Liskeard in Devon and Cornwall was Exeter at 15th, and in direct contrast in the 'District Wealth League Tables' published on Tuesday, Cornwall came in 52nd out of 54, nationwide.