The financial might of corporate Yorkshire is revealed in our latest index of the region’s biggest companies.
The combined turnover of Yorkshire’s top 250 corporates rose by nearly 11 per cent last year to stand at £118.6bn, our analysis suggests.
Total profits before tax increased by nearly nine per cent to £4.46bn in the period, making for a strong return for investors in our region.
But earnings did not come at the expense of employees, as head count actually increased by five per cent to 685,000.
This is a very healthy state of affairs, highlighting the strong recovery that Yorkshire’s top companies have made since one of the worst downturns in living memory.
It also illustrates the important role that Yorkshire’s corporates play in providing prosperity in the north of England. Yorkshire is at the heart of the Northern Powerhouse vision.
A key measure of a healthy regional economy is an active mergers and acquisitions market, according to leading dealmaker Martin Jenkins.
The practice senior partner for Deloitte in Yorkshire and the North East pointed to a wealth of activity in the region in the last year.
He added: “Over the past 12 months we have seen Yorkshire businesses being the target of domestic and overseas trade and private equity investment, notably, but not exclusively, Pace plc [9th in the Top 250] being acquired by Arris Group Inc for £1.4bn, Staffline Group plc’s recent acquisition of Sheffield-based welfare-to-work provider A4e Ltd [97th], and Leeds-based private equity investor Endless’s investment in Office2office plc [78th]. All of which Deloitte advised on.”
Mr Jenkins is optimistic about the future, adding: “We have a lot to be proud of in Yorkshire, especially our growing and flourishing regional economy.
“There is a real opportunity to build on our Northern strengths, with the help of proposed new powers devolved from central government which will give more power to Northern authorities, and a greater say in how public funds are spent locally.”
• The Yorkshire Post would like to thank James Clark and his team at Leeds Beckett University for carrying out this valuable research, Deloitte for sponsoring this supplement and providing insightful analysis and freelance journalist Phil Booth for writing the words. Enjoy the read.