Surrey and Sussex’s mid-market companies have made significant progress in global markets, reporting international turnover growth of 14% and 40% respectively in the last year, according to new research from accountants and business advisers BDO LLP.
Collectively the 552 medium-sized companies, with a turnover of £10m – £300m, have disclosed international sales of £2.9 billion, with 30 companies alone contributing £475m or 16%.
Top performing companies include Nutfield Holdings Limited and Custom Healthcare Limited. The former, a distributor of canned foods and ambient high quality seafood, fruit and vegetable products has reported a compound annual growth rate, over the last two years, of 129%. Custom Healthcare, a contract manufacturer and packager, has reported a compound annual growth rate of 93% over the same period.
BDO’s Best in Business research continues to highlight the importance of Surrey and Sussex’s mid-market businesses to their local economies and of entering international markets.
As economic power increasingly shifts towards emerging markets, British firms need to adapt and be ready to seize international opportunities so that the products they offer outclass those of global competitors. In so doing, they will also help shift the UK towards a much needed new economy which is both balanced and sustainable.
Kevin Cook, partner at BDO LLP in Guildford said: “Medium-sized businesses in the region have thrived in international markets in the past year. To ensure this position remains sustainable though, one of the most important things is for government to ensure these businesses aspirations are not stymied by outdated red tape or unnecessarily complex tax systems.
“A tax system designed to help ambitious mid-market businesses to get over the hurdle of their first sales abroad or enhance existing activities could transform our export success, prompting investment in export-ready firms, and providing the short-term cash flows required.”
To help support mid-market businesses with their international aspirations, BDO is hosting two roundtable discussions for senior management teams to discuss their challenges and share experiences with their peers. The roundtables take place at BDO’s Gatwick office on Wednesday 24 February and at GLive, Guildford on Thursday 25 February.