Member Article

Surrey economy shows significant growth

The economy in Surrey has seen significant growth in the past 12 months, with a collective 12% increase in turnover to £155.6bn amongst the top 250 firms.

A report carried out by law firm Hart Brown looked into the business climate in the county, and found that pre-tax profits rose by 55% to £11bn, while the top 250 companies produced an average profit margin of 7.6%, up from 5.6% last year.

Hart Brown said its survey had created a positive outlook for Surrey businesses, with a healthy pattern of growth and development.

The third sector particularly benefitted from improvements made across the board, with a 7.4% rise in charitable giving from businesses, while the majority of this money went to just two firms; packaging and paper business, Mondi plc, and catering and services company, Compass Group.

Employment was also strong in Surrey, with a 3.2% rise across the top 250 firms and a corresponding average salary rise, while the largest employer, Compass Group, increased staff levels by 10%.

James Lamont, partner in corporate department at Hart Brown, commented: “One conclusion we could certainly draw is that many companies are continuing to strengthen their own position in the market through recruitment.

“Another conclusion is that businesses are looking for the opportunity to acquire a share of the market through acquisition or merger.

“A third conclusion and not to be missed is that businesses continue to come to, and grow in Surrey.

“Surrey businesses seem to be consolidating their positions, strengthening their balance sheets and retaining their staff levels and skill sets.”

“But there are many who continue to find the market tough and the full effects of this recession on the Surrey economy may not be fully known for a while.”

This was posted in Bdaily's Members' News section by Miranda Dobson .