Firms in the North West have seen international turnovers boosted by over three quarters in the last five years.
According to research released by accountancy and business advisory firm BDO LLP, mid-sized businesses in our region have boosted international turnover by 76% in the period, meaning growth overseas is currently faster 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.”
