The number of UK firms reporting strong year-on-year growth has dramatically improved, with Hull topping the table as the city to see the biggest increase, according to a new report.
The analysis of 150,000 UK businesses by information services company Experian has shown that 32% of businesses had achieved strong sales growth rates by the end of 2011, compared to just a quarter between 2008 and 2010.
Meanwhile, 36% of businesses in Hull achieved revenue growth of over 10% between 2009 and 2011, compared to 21% in the city between 2008 and 2010.
The top 10 towns and cities that have experienced the highest levels of improved sales growth, comparing 2008-10 and 2009-11, are:
- Hull
- Wolverhampton
- Birmingham
- Oldham
- Stoke-On-Trent
- Coventry
- Newport
- Leicester
- Sheffield
- Stockport
The top 10 that have seen the highest retained levels of sales growth are:
- Stoke-On-Trent
- London SE
- London EC
- Cambridge
- London WC
- London SW
- London W
- London NW
- Dudley
- Newport
In terms of geographical areas, nine out of the 10 most improved towns and cities were either in the Midlands or the North, with the exception of Newport in Wales.
Max Firth, UK managing director for Experian’s Business Information Services division, said that many of the towns and cities highlighted as showing the biggest improvements in sales growth were widely believed to be struggling during the period analysed.
"Places like Stoke-on-Trent, Hull, Wolverhampton and Birmingham are incubating some strong businesses that have demonstrated the ability to grow significantly, even in the tough economic climate that existed between 2010 and 2011.
"If businesses such as these can be nurtured to sustain their growth, it should lead to improved prosperity for those areas."
These firms now need to harness opportunities through careful monitoring of the business climate, so that they can actively seek growth opportunities and minimise risk, added Firth.
Over 45 sectors were analysed in the study, with manufacturing dominating the top five most improved industries. The manufacturing of rubber and plastic goods topped the table, whilst other industries in the top 10 included labour recruitment and provision of personnel, and water transport.
