Top 50 mid-market players of Derbyshire enjoying strong growth
Derbyshire’s top 50 mid-market players have enjoyed steady and sustained growth over the past three years, benefitting from increased demand for manufactured goods and professional service needs. A new study of the region’s economy has revealed growing revenues has seen a boost to jobs, with both professional services and manufacturing jobs adding to regional employment.
SMEs are one of the main drivers of the UK economy, with small and medium enterprises generating around 60% of the country’s private sector economic activity, and employing around 15.7 million of the national workforce, and according to recent figures the segment continues to perform well relative to its five largest counterparts across the EU, in spite of increasing uncertainty surrounding Brexit.
The regional economy of Derbyshire is no exception to this, and has seen steady growth in terms of the total revenue of the top 50 small to mid-sized businesses over the past three years. Revenue increased from £2.3 billion in 2014 to £3.9 billion last year. The increase of nearly 70% over the three year period is, according to a BDO study, a result of the highly diversified middle-market economy containing everything from agriculture to high-tech firms.
At 32% of the middle market, retail businesses make up the largest segment of the top 50, followed by manufacturing and precision engineering, with a share of around 26% each. Professional services follow on 18%, while social and day care comes third equal with transport and logistics and real estate and construction, all on 6%.
According to the study, professional services has been the star performer in terms of revenue growth over the past three years – with total revenues rising by 107% in the period. Manufacturing and precession engineering follow at a 100% increase. Technology and media and real estate and construction saw more modest increases of 68% and 63% respectively. Not-for-profit, social and day care and utilities saw the smallest increases in the region.
The number of jobs added by the 50 biggest mid-market players in the region over the past three years meanwhile saw technology and media top the list. The segments saw employment grow by 92%, followed by professional services, whose headcount was up by 88%. Researchers noted meanwhile that the base of the segments differs considerably, with the large increase in technology and media representing an increase to 530 people by the last year of the research.
All segments under consideration saw growth, although some segments, including not-for-profit and social care and day care saw contraction in the second year – both saw growth overall however, at 24% and 6% respectively.
Top 20 mid-market growers
In terms of the top 20 biggest movers, the Mortgage Advice Bureau was out ahead by almost a country mile, with growth over the past three years at a staggering 534%. Manufacturer Dellner took second spot, with growth hitting 443% over the period, while revenues grew to 13 million. Retailers M.Markovitz and Equip Outdoor Technologies too saw significant growth, with revenues up 335% and 274% respectively to total revenues of around £35 million. Manufacturer Eurocell rounds off the top five, with growth of around 219% bringing to revenues of around £175 million.
Four additional professional services firms make the top 20, with Aspire Acheice Advance Group at number seven, Evolution Funding at nine, Orbital Holdings at thirteen and Babington Business at number nineteen. Manufacturing in the mid-market segment remains strong, with a total of eight companies making the top 20 for growth over the past three years – highlighting the continued strength of the segment.
Commenting on the result, BDO Partner Gareth Singleton, commented, “Mid-sized, high-growth businesses are an essential and dynamic part of the county – yet these businesses are frequently overlooked and undervalued. We wanted to give a voice to these businesses and recognise these fast growing businesses.”
