Sheffield Firms Prosper in BDO Yorkshire Report 2015

12th June 2015

Sheffield is home to 24 of the region's biggest 250 companies, generating revenues of £6.

4bn and employing 27,337 people, according to analysis by accountancy and business advisory BDO LLP. The 24 companies have also sold £2.3bn worth of goods and services to overseas markets, accounting for more than a third of total turnover. This is a positive step forward as Sheffield continues to make the most of its stamp of quality in foreign markets across the world. The manufacturing sector continues to dominate, with 11 of the city's top 24 companies being manufacturers. Combined, the 11 firms have a turnover of £1.6bn and employ 5,900 people. However, it is the construction sector in Sheffield that is the largest contributor to revenues (£2.9bn) and employment (10,256), driven by just two companies SIG UK and Henry Boot. SIG UK recorded revenues of £2.7bn an increase of 3.2% while Henry Boot added an extra £50m to revenues in the reporting period an increase of almost 50%. Stainless steel manufacturer Outokumpu, timber merchants Arnold Laver, healthcare products distributor B.Braun Media and IT solutions firm Insight Direct all feature in this year's top 250 list. Terry Jones, partner and head of BDO in Yorkshire, said: -Sheffield companies are continuing their recovery, with firms feeling the benefit of increased confidence and turning that into investment in new markets, product development and jobs.  -It is great to see such a good mix of sectors too. Construction, manufacturing, TMT and services all feature in Yorkshire's top 250 and are growing strongly. They have built a great foundation for long term, sustainable growth in the post-recession economy. The analysis comes from the BDO Yorkshire Report 2015, now in its ninth year, which compiles the latest published accounts from Yorkshire's largest 250 businesses based on revenue. The report acts as a barometer of health for the region. Region-wide, Yorkshire's top 250 companies have seen revenues storm past the £100bn mark and have increased cash stockpiles by 43.7% to £3.2bn. They have also created almost an extra 30,000 jobs in the reporting period, with employee numbers increasing from 591,000 to 620,000. However, further analysis which splits the top 50 firms (£300m+ turnover) and the mid-market 200 reveals it is the region's medium-sized businesses that are driving growth and prosperity for Yorkshire plc. Mid-sized firms are rapidly outperforming their larger peers in all key performance indicators. Turnover, overseas sales and employee numbers are growing faster in the mid-market than they are among Yorkshire's biggest businesses. Turnover has grown by 13.2% for mid-sized firms (compared to 5.2% for the largest 50 companies); employment levels are up 11.6% (compared to 2.8%) and overseas sales have rocketed by 19.3% (compared to just 3.6% in large firms). Terry Jones, partner and head of BDO in Yorkshire, said: -What's really clear from this year's analysis is how important the mid-market is to our economy and future prosperity. Medium-sized businesses our newly named 'Brittelstand' - are the real drivers of growth in our region. With continued investment, ambitious growth strategies and the right government support, they will fast become the big businesses of tomorrow.