The Yorkshire region is home to around 31 of Yorkshire’s top 250 companies, according to a new report. The BDO Yorkshire Report 2017 found that large companies that have their headquarters based in the area. They have collectively brought back sales of £9 billion last year – an increase of 7% on 2015.
Their operating profits totalled £500 million, providing employment for more than 44,100 people. Large corporates in the region include chemicals manufacturing giant Croda. Along with International plc, pork producer Cranswick plc, payroll firm Hudson Contract and polymer technology specialist Fenner plc.
Hull is enjoying a national renaissance thanks to its City of Culture status and major European investment in renewable energy. KCOM, the telecommunications company, safety specialist Arco and building suppliers firm MKM were among the mid-tier businesses on the list.
The region has a strong and multi-generational family business base and is home to many corporates which are playing strategically vital roles for UK plc. In the year 2016, the regions businesses contributed sales of £9 billion to GDP, provided employment for thousands of households and paid many millions of pounds in tax to pay for things that are easily taken for granted, like roads, railways, hospitals and schools.
The uncertainty of politics and economy has dominated headlines over the last year to make a contribution to national wellbeing. Businesses shrugged this off and the annual guide for corporate Yorkshire highlights the contribution made by businesses towards wealth and prosperity in the region. It is BDO’s longest-running publication.
The 250 index increased international sales by 6% – an encouraging sign as Britain prepares to exit the European Union. Yorkshire’s manufacturing base is in fine condition as industry dominates the index with more than twice as many representatives than any other sector. Yorkshire’s mid-market companies have the potential to create greater wealth and prosperity and help to put the UK at the centre stage of the post-Brexit international economy.
The New Economy campaign is calling for streamlining of regulations, particularly around tax, investment, training, exports and access to finance, smarter infrastructure investment and the strengthening of local enterprise partnerships in areas where devolution talks have stalled.
Cities of the North in greater partnership will overcome the tribal rivalries that have attempted to devolve power to Yorkshire. Measures can help to re-balance the UK’s economy. Also harnessing the talent and spirit of entrepreneurs that are within the Yorkshire Report 2017.