Profits initially grow, following record company (10)
I believe the answer is:
enterprise
'company' is the definition.
(I've seen this before)
'profits initially grow following record' is the wordplay.
I cannot quite see how this works, but
'grow' could be 'rise' (rising is a kind of growing) and 'rise' is located in the answer.
'record' could be 'enter' (enter can mean to enter into a record) and 'enter' is found in the answer.
A single letter 'p' remains which might be clued in a way I don't see.
This explanation may well be incorrect...
(Other definitions for enterprise that I've seen before include "New project" , "business concern" , "drug business" , "Data may be on-board here" , "Initiative - undertaking - business" .)