BlogNewsHuge growth in revenue for Worcestershire businesses

Huge growth in revenue for Worcestershire businesses

Huge growth in revenue for Worcestershire businesses

Latest figures showing that Worcestershire’s top 50 mid-sized companies have grown by a massive 64 per cent in three years, have been welcomed by West Midlands UKIP MEP James Carver.

The Worcestershire Growth Barometer, published by accountancy and business advisory firm BDO, reveals these businesses have also generated a staggering £2.4 billion in revenues in the last year.

Mr Carver, who lives in Worcester, said: “There are some terrific growth indicators for the county here, in particular for the manufacturing and engineering sectors, and for certain areas, notably Redditch, Worcester City and Wyre Forest, all of which reinforce the fact that Britain, and in particular, this region, is most definitely open for business, is thriving and has no worries but only opportunities to take from Brexit.”

He said he was “absolutely delighted” to see that Wyre Forest – often low in league tables – has enjoyed the highest turnover growth across the county at a massive 113 per cent and employment growth of 50 per cent over three years.

The barometer shows sustained growth across the county with Wyre Forest “punching above its weight in terms of revenue per business”.

The report states: “It is home to 18 per cent of the companies in the top 50, yet accounts for more than 25 per cent of the group’s total turnover.”

Wyre Forest also accounts for 36 per cent of all workers employed by the county’s top 50 growth companies, with Redditch second with 23 per cent followed by Worcester City with 17 per cent.

The most significant turnover growth has been experienced in the county’s manufacturing and engineering companies at 40 per cent over three years, with retail and leisure in second place with revenues up almost 30 per cent.

Mr Carver added: “It’s fantastic to see such levels of expansion, especially in terms of employment, with for example, these two sectors taking top position for job creation, generating almost 10,000 jobs between them.”

He also highlighted “more good news” from the report for Redditch, which is home to 26 per cent of companies from the top 50, making it the most populated district for fast-growth companies, and for Worcester City which is second, being home to 20 per cent.

 

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