Surrey and Sussex’s best performing mid-sized companies are growing fast despite uncertainty caused by the Brexit negotiations, according to the latest research from accountants and business advisers BDO LLP. The findings are in sharp contrast to businesses across the country where only 4% are feeling more confident in the 100 days since the election.
The top 20 companies in each county reported an impressive combined sales growth of 43% in Sussex and 32% in Surrey over the last year. Collectively they employ more than 8,000 people and generated revenue in excess of £2bn.
In the top spot in Surrey is Giggling Restaurants Limited which saw a compound annual growth rate (CAGR) in revenue over three years of 61%; the popular restaurant chain is a newcomer to the top 20 league table. Occupying the number one position in Sussex for the second year running is Envision Pharma with a CAGR of 52% in revenues.
BDO’s Best in Business ranks the top 20 performing businesses by annual sales growth over the previous three accounting periods. It highlights the ongoing importance of companies with a turnover between £10m-£300m to the local economy and is part of a firm-wide commitment, as sponsors of The Sunday Times Fast Track series, to champion mid-sized businesses.
Since last year’s research only 10 businesses have maintained their performance, showing the volatility amongst the highest performers. Companies in construction and IT continue to experience the fastest growth, although other sectors are also performing well as demonstrated by the vibrant mix of businesses represented in the top 20 league tables.
Location is not a factor in Surrey which boasts a fairly evenly spread distribution of top performers across the county, unlike Sussex where the majority are based in the key enterprise hubs of Brighton & Hove, Horsham and Crawley.
Further research by BDO shows businesses in Surrey and Sussex are bucking the trend as almost two thirds of mid-sized companies nationally report a drop in confidence about their own growth ambitions. Brexit is still the overriding concern with 58% naming clarity on negotiations with the EU as the number one factor they’d like to see the new Government and policymakers focus on.
BDO is calling on the Government not to take the resilience of the region’s mid-sized businesses for granted and to take steps to create a more friendly business environment.
Kevin Cook, partner at BDO LLP, said: “We have a tremendous base of entrepreneurial and aspirational companies to be proud of locally. Best in Business seeks to recognise them and celebrate their success, whilst initiating dialogue to increase awareness of the challenges they face, and how together we can overcome them.
“As party conference season continues, these businesses will be looking for answers not only on the future of the UK’s trading relationships, but also a response to the growing concerns on skills and productivity in a post-Brexit world.
“One thing we can be certain of now is that these dynamic businesses make a staggering contribution to our economy – they must be placed at the heart of Government plans and Brexit negotiations to help achieve their own growth ambitions and, in turn, continue to fuel our economy.”
