EAST OF ENGLAND COMPANIES OUT PERFORMING THOSE IN OTHER EUROPEAN REGIONS
New research from GE Capital shows that the average UK ‘mid-market’ company has grown by 2.3% in the last year. This is compared to 2.4% in Germany, 1.7% in France and 0.2% in Italy. Mid-market companies are defined by an annual turnover of £15million to £800m.
The research report, authored by Prof Stephen Roper of Warwick Business School, also shows that companies in the East of England are leading the UK’s mid-market growth trend. The average rate of growth for East of England firms in this category reached 3.8% last year – higher than the average for Germany and better than any other UK region.
GE Capital believes the research findings highlight the UK mid-market sector’s relative resilience compared with the other large European economies.
According to GE, the UK also has a higher proportion of ‘Growth Champions’ than other major western European markets. Growth Champions are companies with annual revenue growth of more than 10%. These firms represent 17% of UK mid-market firms, compared with 13% in Germany, 11% in France and 13% in Italy.
Again, the East of England has a higher proportion of Growth Champions than other parts of the UK.
Patrick Phelan, Managing Director of Aquaterra Energy, said: “Aquaterra Energy is one of the East of England’s Growth Champions, as defined by this report. Our growth is testament to the pride we place on delivering world class innovation and quality in offshore engineering solutions. Our headquarters are in Norwich but we have offices in the important energy hubs of Scotland, Malaysia, Egypt, USA, all of which are delivering exceptional growth.”