Member Article

High performing, fast growing MSB’s generate revenues of £158 billion

The top 1,000 fast-growth medium sized businesses generated £158 billion and accounted for 9.2% of GDP last year according to research by Deloitte.

The report, Businesses Leading Britain: A new lens on growth revealed that collectively over the past three years, they have increased revenues by £30 billion and added 182,000 jobs to their employment headcount.

The report revealed that 649 of the 1,000 fastest growing medium-sized companies are based outside London and the South East - a 10% increase on the 590 companies in last year’s analysis.

It also revealed that this group of high-performing smaller companies share of GDP has risen from 7.9% in 2011, despite the fact they make up less than 1% of the total UK business population.

In 2013, they made an economic contribution of £2.46 for every person in the country, an increase from £2.02 in 2011.

Our Businesses Leading Britain 2014 report is a core part of UK Futures. It provides insights into the UK’s 1,000 fastest-growing businesses with annual revenues between £30 million and £1 billion.

On average, the 1,000 businesses added 60 people each year between 2011 and 2013, while total new employment in the UK increased by 400,000.

Almost three-quarters of the 1,000 businesses come from just three sectors: consumer business, business & professional services and manufacturing.

Chris Gentle, head of insight at Deloitte UK, added: “Given its extensive exposure to the international economy, London is always likely to contribute the largest number of companies in our analysis.

“However, there are positive stories all over the country and the integral role these fast growing businesses play in the economic development of the regions should not be underplayed.

“In the East Midlands and Wales for example, these companies increased headcount by more than 50%, whilst the 21 companies based in the North East more than doubled their employment figures.”

Vince Cable, Secretary of State for Business, Innovation and Skills, added: “The report demonstrates the importance of the Government’s Industrial Strategy to our efforts to rebalance as it shows that the fastest growing ‘businesses leading Britain’ are in the North West and the East Midlands in the manufacturing and technology sectors.

“The success story is clear.”

This was posted in Bdaily's Members' News section by Clare Burnett .