- Top 50 companies generate £1.59bn in revenues, up 36% on previous year
- Palletforce lead the way for growth in the region
- Burton-on-Trent comes in top as the district with the highest average growth
The fastest growing companies in Staffordshire have contributed £1.59bn in revenues, a 36% increase from the previous year, according to the Staffordshire Growth Barometer published today by accountancy and advisory firm BDO LLP.
The top 50 list of fast-growth companies is measured on average turnover growth. In addition, the report also identifies which sectors have experienced the largest increase in job creation along with which districts in the Staffordshire region have seen the highest amount of turnover growth.
Logistics firm Palletforce takes the top spot with an impressive 237% average growth rate over the last three years. This significant growth has led to transport and logistics being identified as the fastest growing sector in the region with a 131% growth in turnover, closely followed by utilities (125%) and real estate and construction (60%).
Leading the way in job creation is the utilities sector, which has seen a 54% increase in jobs over the past three years; largely due to the growth of Stoke-based utilities firm Water Plus.
Staffordshire is a region with a strong manufacturing heritage with a number of manufacturers listed in the top 50, including George Koch Sons, Wacker Neuson and AWS Electronics.
BDO’s report also identifies biotechnology as an emerging sector, with an average growth in turnover of 37%.
Peter Coleman, CEO of Cobra Biologics Limited, was interviewed as part of the report and has said that he would “love it if Staffordshire could become a centre of excellence for the biotech field in the future”.
Commenting on Cobra’s success, he said: “Working closely with Keele University has really helped us with our growth. We’ve also had assistance from the Local Enterprise Partnership, which has encouraged us to apply for a number of grants in order to expand further.”
Mr Coleman also spoke of the importance of raising the area’s profile to boost business
“If Stoke-on-Trent won the City of Culture Bid for 2021, the profile of the area would be massively enhanced, making it a more exciting place to live and work. Anything that raises the profile of this region has to be good for business,” he said.
The report illustrates the growth of different districts within Staffordshire, and whilst Burton-on-Trent is leading the way with an 88% average revenue increase, there is also significant growth in Cannock (49%) and Stoke-on-Trent (42%).
David Pooler, Partner at BDO and Head of the Staffordshire Team, is pleased to have seen such a positive outlook for the local economy.
“Our top 50 list demonstrates not only an optimistic future for the Staffordshire economy, but also illustrates just how varied the region is in terms of industry.
“It is promising to see growth in such a wide geographic area, including traditional industrial centres such as Stoke-on-Trent as well as in relatively ‘upcoming’ areas such as Lichfield and Cannock.”
He adds: “Having spoken to business leaders and influencers within the region, it is clear there are certain challenges being faced, particularly that of skills and education. However, it is great to see the ongoing work of Staffordshire and Keele University, as well as the LEP which are all striving to support businesses in Staffordshire.”