Oil and gas industry continues to punch its weight among the region’s pacesetters

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THE oil and gas sector is helping to fuel many expanding companies across Yorkshire.

With the unveiling of the 2014 Yorkshire Fastest 50 list of the region’s pace-setting companies only a week away, analysis of previous years shows that oil and gas are a vital part of Yorkshire’s economy.

The Fastest 50, organised by the Yorkshire Post in association with Top 100 UK law firm Ward Hadaway, has been highlighting and celebrating the fastest growing companies across the region since 2011.

It takes a forensic look at the fortunes of Yorkshire businesses, ranking profit-making privately-owned companies according to their rate of annual turnover growth.

The statistics show that businesses in the oil and gas sector are certainly punching their weight when it comes to contributing to the Fastest 50 list.

In the three years the Fastest 50 has run, oil and gas-focused businesses contributed a total of almost £380m worth of combined turnover.

The sector provided the overall winner for the 2012 Fastest 50 Awards with Batley-based fuel supplier, Transglobal Fuels walking off with the award, along with the prize for the fastest growing large company.

Gavin Maddison, corporate finance partner at Ward Hadaway in Leeds, said: “The oil and gas sector is extremely active at the moment, and we as a firm have been helping our clients with a raft of different projects and ventures.”

The full A to Z list of the 2014 Yorkshire Fastest 50 will be revealed in the Yorkshire Post next week.

Awards will then be handed out to the fastest growing small, medium and large businesses at an awards ceremony in March.

One of these three winners will then be crowned Yorkshire’s overall fastest growing business.