Fastest growing firms in Staffordshire see 36% growth in revenues

Palletforce

The fastest growing companies in Staffordshire and Stoke-on-Trent have seen revenues grow 36% during the past 12 months to £1.59bn, a new study has found.

The Staffordshire Growth Barometer, a list of the Top 50 fast growth companies measured by turnover growth, is published today by accountancy and advisory firm BDO.

The report also identifies which sectors have experienced the largest increase in job creation along with which districts in Staffordshire have seen the highest turnover growth.

Burton-upon-Trent logistics firm Palletforce takes the top spot with an impressive 237% average growth rate over the last three years.

This significant growth has led to transport and logistics being identified as the fastest growing sector in the region, with a 131% growth in turnover, closely followed by utilities (125%) and real estate and construction (60%).

Leading the way in job creation is the utilities sector, which has seen a 54% increase in jobs over the past three years; largely due to the growth of Stoke-based utilities firm Water Plus.

The county’s strong manufacturing heritage is highlighted by the number of such firms in the list. Representatives include George Koch Sons, Wacker Neuson and AWS Electronics.

BDO’s report also identifies biotechnology as an emerging sector, with an average growth in turnover of 37%.

Peter Coleman, CEO of Keele-based Cobra Biologics, said his firm’s intention was to see Staffordshire identified as a centre of excellence for the biotech industry.

He said: “Working closely with Keele University has really helped us with our growth. We’ve also had assistance from the (Stoke-on-Trent and Staffordshire) Local Enterprise Partnership, which has encouraged us to apply for a number of grants in order to expand further.”

Mr Coleman also emphasised the importance of raising the area’s profile to boost business.

“If Stoke-on-Trent won the City of Culture Bid for 2021, the profile of the area would be massively enhanced, making it a more exciting place to live and work. Anything that raises the profile of this region has to be good for business,” he said.

The BDO report illustrates the growth of different districts within Staffordshire, and whilst Burton-on-Trent is leading the way with an 88% average revenue increase, there is also significant growth in Cannock Chase (49%) and Stoke-on-Trent (42%).

David Pooler, partner at BDO and Head of the Staffordshire Team

David Pooler, partner at BDO and Head of the Staffordshire Team, said: “Our top 50 list demonstrates not only an optimistic future for the Staffordshire economy, but also illustrates just how varied the region is in terms of industry.

“It is promising to see growth in such a wide geographic area, including traditional industrial centres such as Stoke-on-Trent as well as in relatively ‘upcoming’ areas such as Lichfield and Cannock.”

He said that having spoken to businesses across the county, it was clear certain challenges were being faced, particularly those of skills and education.

“However, it is great to see the ongoing work of Staffordshire and Keele University, as well as the LEP which are all striving to support businesses in Staffordshire,” he added.

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