Worcestershire’s fastest growing mid-sized companies have generated a total of £3.15billion in revenues in the last year, achieving 51% growth over a three year period, according to the Worcestershire Growth Barometer report published by accountancy and business advisory firm BDO LLP.
The third annual Worcestershire Growth Barometer report identifies the 50 fastest growing mid-sized companies based on average turnover growth. A number of the 50 companies have been on the list for the last three years, reflecting their use of highly sustainable growth strategies.
In conjunction with the Worcestershire Local Enterprise Partnership, BDO surveyed a number of businesses in Worcestershire.
The results identify a shared concern around retaining and fulfilling demand for talent. Finding the right staff and skills emerged as by far the biggest challenge faced by organisations in the last year, cited by 29% of businesses.
Although Brexit is also of concern for Worcestershire businesses, identified by 17% as their biggest challenge. Interestingly, driving sales and growth was the priority for 37% of the sample, well ahead of improving profitability, increasing efficiency or finding the right team that just 12% chose as their key focus.
The survey also found half of businesses said Worcestershire’s central location is a reason for its growth, while 11% praised Worcestershire’s business mix.
Gary Rouse, Director at BDO and author of the report, says: “This year’s edition of the Worcestershire Growth Barometer shows another period of strong growth in Worcestershire. It is also exciting that after winning the bid to be part of the UK’s first multi-city 5G test bed, Worcestershire has the potential to take the lead in next-generation technologies. The survey and discussions we carried out strongly demonstrate that retaining talent is of upmost concern for these fast-growth businesses and it is crucial this is addressed so that businesses can experience productivity gains with the right talent in place.
“Our findings are very encouraging for businesses in the county and those looking to invest here.”
Stuart Emmerson, Investment Manager for the Worcestershire Local Enterprise Partnership, said: “The region’s pivotal anchor brands such as Halfords, GKN and Worcester Bosch attract investment from around the world and, particularly through their supply chains, provide opportunities and incentives to locate here. They are vital to the success of the local economy.”
To download a copy of the Growth Barometer report, visit the BDO website here.