NW firms outstrip UK for revenue growth says London Stock Exchange report
More than 90 North West companies are among London Stock Exchange Group’s 1000 Companies to Inspire Britain report, published today.
North West companies are the fastest growing in the UK with 232% average annual revenue growth, compared with the UK national average of 71%.
Among the North West firms are Carrs Foods, a market leader in the bakery sector, with a portfolio of brands including St Pierre, Baker Street and Paul Hollywood Ready to Bake Breads
Also PHMG, the Manchester-based audio branding agency, working with 32,000 companies in 39 countries, including household names such as Audi, Coca-Cola and Samsung.
And ChargePoint Technology, a Liverpool-based manufacturer of high containment and aseptic transfer valves for use in the pharmaceutical, biotech, chemical and other process industries has been included.
This year’s report shows that companies’ revenues are growing at an exceptional average rate of 71% on average, continuing the previous year’s rate of 70%, despite strong economic headwinds.
All UK regions are represented, with 60% of companies from outside London and the South East.
Also, 34% of companies are from the Northern Powerhouse and Midlands Engine regions.
The report features companies in both traditional industries and more recent economic success stories. The largest sector represented is engineering and construction with 132 companies, followed by information technology with 72 companies.
Financial services is one of the fastest growing sectors with an average annual revenue growth rate of more than 461%, followed by engineering and construction at 109%.
Philip Hammond MP, Chancellor of the Exchequer, said: “Small businesses are the back bone of the British economy with a combined annual turnover of £1.9 trillion and employ 60% of private sector workers outside of London.
“That’s why, whether they are family run firms or tech start-ups, we are supporting high growth SMEs to achieve their potential.”
Nikhil Rathi, London Stock Exchange chief executive, added: “We warmly congratulate all of the companies identified in this year’s ‘1000 companies to Inspire Britain’ report.
“Five years on, the report continues to demonstrate the strength and diversity of British businesses across the country.
“These dynamic companies are the backbone of our economy, playing an important role in the UK’s ability to innovate, export and grow.
“With North West companies growing at more than three times the national average, it is testament to the entrepreneurial spirit and economic and job creating potential of companies from the region.”
He said: “Policy makers must continue to increase access to growth capital for these firms, which would in turn benefit the wider UK economy.”
The report series continues to receive cross-party support from leading politicians including Prime Minister Theresa May MP, First Minister of Scotland Nicola Sturgeon, and Jonathan Reynolds, shadow economic secretary to the Treasury, all of whom contributed commentary to the report.
The 91 North West firms are:
Active Flooring Solutions; ADT Workplace; Alderburgh; Amanda Cunliffe; Aptus Utilities; Armstrong Craven; Arrow Global; Barron Wood Distribution; Beechfield brands; BES Utilities; Brio Leisure; Bryan’s Salads; CALM Solutions; Car Benefit Solutions; Carrs Foods; ChargePoint; Cheshire Mouldings; Clubhouse Golf; Commhoist; Continental Bottle Company Ltd; CorpAcq; Dale Brothers UK Ltd; Downland Bedding; Easirent; easy-trim® Roofing and Construction Products; Ecell Global; Eldapoint; Euro Accessories Ltd; Eurotrade W Ltd; FK GROUP; Footasylum; Forresters; Gladman; GPL Group; H.H. Smith; Harrison Holidays; Haydock Finance; HE Simm; Help Your Claim Ltd; Hydes; iForce; Inspired Energy; In-Time Watch & Jewellery Repairs; InXpress; I-paye; Jackson Lees Group; JWS Holdings; Kinaxia Logistics; Kindertons Accident Management ; Kingdom; Laila’s Fine Foods; Lattimer; Liverpool Solicitors Armstrongs; Lovonia; LSE Retail Group Limited; Lundy Projects; Lynton Exports; Mark Thompson Transport; Mast Group; Matthew Kibble Transport Limited; Medtrade; NCC Group; Neuven; One Stop Hire Ltd; Orbital Education; PHMG; Poppies Europe Ltd; Protec; Quality Save; Renaker; Republic of Media; Ribble Farm Fare; Sapphire Utility Solutions; Scan Computers; Service Care Solutions; Signature Living; Springhill Care; SRL; Story Homes; Sustainable Group (UK) Ltd; Tebay Services; The Authentic Food Co; Tiger; TIMco; Top Notch Contractors Ltd; Total Care Support; Trak Global Group; Utiligroup; W Maher & Sons Ltd; Wellocks; WSR Recycling.