Worcestershire’s top 50 fastest growing firms have grown by an average 31%.
Worcestershire’s top 50 fastest growing firms by turnover have grown in total by an average 31% over the last three years. In total they currently contribute over £2.3bn to the Worcestershire and wider Midlands economy and have created an extra 2,259 jobs over the three years, according to a new report from accountancy and business advisory firm BDO LLP.
The BDO Worcestershire Growth Barometer 2016 looks at the fastest-growing businesses in Worcestershire and interviews leading business voices in the region. It shows that the top 50 fastest growing businesses currently contribute £2.3bn in revenues, up from £1.7bn the year before, a 35% increase. The top five fastest growing businesses are Working On Wellbeing Ltd, Grey Technology Limited, Cruise.Co (Holdings) Limited, Ashland Specialties UK Limited and Lioncourt Homes Limited. They collectively contribute £265m in revenues to the local economy; have increased employee numbers by 25% over the last three years.
“It’s really encouraging to see that growth rate that the manufacturing sector has experienced within the county, averaging just over 41% over the last three years. This is particularly great as this is one of the key sectors that the Worcester Local Enterprise Partnership is concentrating on, together with agri-tech, cyber security and defence and tourism” says Gary Rouse, Worcestershire Director at BDO LLP, based in the Midlands
The real estate and construction sectors, with local companies such as Lioncourt Homes and Speller Metcalfe, have experienced a growth rate of just over 40%, closely followed by transport and logistics at 39% and food and agriculture at 29%.
Gary Rouse, commented: “The financial success of these businesses, combined with the impact they have had on employment, should be welcomed by all. They have built a sustainable foundation for growth over the last few years and are continuing to forge ahead with their growth ambitions.
“I have witnessed the public sector investment that the region has experienced over the last few years and I know there are other improvements to come. It’s great to see the key public bodies working together with an integrated strategy which can only be good news for the County. I hope that the region continues to benefit from this so we can support existing Worcestershire-based business with their growth aspirations as well as attracting new ones; particularly international businesses.”