Medium-sized businesses beat FTSE 350 in overseas sales race
Medium-sized UK businesses have outpaced both large and small firms in the race for overseas revenues, according to the latest research.
Mid-sized, private equity backed and Aim-listed businesses have grown overseas revenue by 69 per cent to £167bn over the last five years, a jump of 11 per cent in the last year.
The international growth of London’s medium businesses outpaced the rest of the country, jumping 85 per cent in the last five years to £52bn, followed by companies in north east and north west England.
However, FTSE 350 and small businesses – with less than £10m in turnover – saw overseas revenue decline 17 per cent and 34 per cent respectively.
Meanwhile, FTSE 350 companies based in London suffered some of the slowest overseas growth, recording a decline of 35 per cent during the five year period.
Professional services and financial services firms grew overseas revenue by 118 per cent and 91 per cent respectively, followed by technology and media businesses, which soared 89 per cent.
BDO managing partner Paul Eagland said: “The results speak volumes for the mid market’s resilience and appetite for growth.
“Businesses have been croppled by economic and political uncertainty for the last five years but the dynamism and entrepreneurial mind set of the UK’s mid-sized businesses – and the people that lead them – has resulted in some impressive international expansion.
“This is why we describe the mid-market as the UK’s economic engine = they are driving growth, wealth, employment and opportunity in ways that too often go unnoticed”.