Fast-growth Staffordshire companies contribute £1.59bn in revenues
Adapted from original article by BDO LLP (link)
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 2017 which has been published 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.
BDO’s report identifies a number of sectors that are growing quickly in the region. It 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.”
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.”
The report, which also includes a piece by Dr Mark Bacon, Keele University’s Director of Engagement and Partnerships, is available to download via the BDO LLP website - https://www.bdo.co.uk/en-gb/insights/staffordshire-growth-barometer-2017