Hertfordshire top businesses booming despite Brexit uncertainty
PUBLISHED: 11:28 22 November 2018 | UPDATED: 11:28 22 November 2018
supplied by Grant Thornton
The top 200 companies in Hertfordshire have "every reason to be confident about the future"- even with Brexit looming, say the authors of a new report.
Accounting company Grant Thornton has revealed their findings of an annual report, ‘Strong performance in an uncertain world’, looking at Hertfordshire’s top 200 privately owned companies.
They looked at how this 200 companies’ turnover, profitability, and employment are faring.
Though the report only looked at the highest-turnover businesses and did not analyse small to medium businesses, they believe the findings could be used as a “yardstick” for the county’s business performance.
Using the EBITDA measure (earnings before interest, taxes, depreciation, and amortization), the company found that turnover had increased by 13.1 per cent, and that profits had risen 16.9 per cent since last year.
Employing 93,871 people between them, the top 200 had increased their hiring by just one per cent, but the average wage has risen by 3.4 per cent to £27,391.
The findings were revealed to the Hertfordshire business community at a breakfast presentation at Hatfield House to company bosses.
The presentation also conducted a snap poll of the guests’ views.
Thirty-six per cent said that the biggest driver of growth in the next year will be hiring new people - despite the slow hiring rate.
If Hertfordshire is going to be more attractive to live and work in, 39 per cent of the voters felt that innovation in technology would be the biggest factor.
Jeremy Read, from Grant Thornton’s St Albans office who presented the findings, said: “This year’s report is particularly noteworthy as it is the final review conducted whilst the UK is still a member of the European Union and so could become a yardstick to determine the impact of Britain’s departure on businesses in Hertfordshire.
“It’s positive to see businesses performing strongly across the board and is a real testament of their resilience and determination to achieve growth even in an uncertain market with ongoing negotiations with the EU.
“It’s evident from the report that Hertfordshire continues to be a fantastic place for business.
“Whilst a lot could change in the lead up to the March 2019 Brexit deadline, businesses in the region are well placed to overcome any challenges which are thrown up and have every reason to be confident about the future.”