Posted-on March 2020 By Amy Bates
The growth rate of the North West has defied the national average (68 percent) and surpassed the growth of the overseas sales recorded in other regions including the Midlands (68 percent) and Yorkshire (51 percent).
Recent research by accounting and business consulting firm BDO LLP has shown that mid-size companies in the North West have increased international turnover by 76 percent over the last five years, reporting faster growth overseas than in domestic markets.
The report also looked at overall growth in turnover across national firms. It analysed businesses in what BDO termed the ' Economic Engine ' consisting of firms in the £ 10m-£300 m turnover bracket, AIM-listed businesses or private equity-backed firms.
By comparison, of the 3,059 companies analysed across the region, over the same five-year period, combined turnover has increased by 59 per cent. Sectors across the UK which experienced good international growth included consumer markets, manufacturing and healthcare.
BDO's Partner and Head of the North West, Ed Dwan said: “The results define the mid-market’s resilience and appetite for growth across the North West as businesses here continue to strive ahead of most across the UK despite economic and political uncertainty. The region’s businesses have a strong reputation for its dynamism and entrepreneurial spirit which has resulted in some impressive international expansion. All of this is exactly why we describe the mid-market as both the North West’s economic engine – they are driving growth, wealth, employment and opportunity in ways that sometimes go unnoticed.”
Click here to read more of BDO's New Economy post