According to research released by accountancy and business advisory firm BDO LLP, mid-sized businesses in the North West have boosted international turnover by 76% in the last five years, reporting faster growth overseas than in domestic markets.
The North West’s growth rate figure outpaces the national average (68%) as well as exceeding the overseas sales growth reported in other regions including the Midlands (68%) and Yorkshire (51%).
The research also looked at total turnover growth across regional companies. It analysed businesses in what BDO dubs the ‘Economic Engine’ which is comprised of companies in the £10m-£300m turnover bracket, AIM-listed companies or private equity-backed businesses.
In comparison, of the 3,059 businesses analysed across the region – combined turnover has increased by 59% over the same five-year period. UK-wide, sectors which saw good international growth included consumer markets, manufacturing and healthcare.
Ed Dwan, Partner and Head of BDO in the North West, said: “The results define the mid-market’s resilience and appetite for growth across the North West as businesses here continue to strive ahead of most across the UK despite economic and political uncertainty.
“The region’s businesses have a strong reputation for its dynamism and entrepreneurial spirit which has resulted in some impressive international expansion.
“All of this is exactly why we describe the mid-market as both the North West’s economic engine – they are driving growth, wealth, employment and opportunity in ways that sometimes go unnoticed.”
To read BDO’s New Economy report please click here