Scots firms on top form as LSE publishes major study

● 1000 Companies to Inspire Britain focuses on SMES ● Scottish firms growing turnover at average of 75%

Scottish companies are growing revenues ahead of their counterparts elsewhere in the UK according to a report from the London Stock Exchange.

The Exchange’s latest 1000 Companies to Inspire Britain study, published yesterday, names 46 Scottish businesses, up by about 10 per cent on the year before.

Among those identified in the 2018 report are: Joseph Robertson, said to be the oldest family-owned fish processing company in the UK; Dow, a family-owned and run waste management company based in Cumberland; and Ferguson Transport & Shipping, which is one of the largest logistics businesses in the Highlands and Islands.

According to the report, Scottish companies’ revenues are growing at an “exceptional” average rate of 75 per cent, compared with the UK national average of 71 per cent.

Edinburgh was singled out as one of the top ten cities in the UK for average turnover growth, at 83 per cent.

It marks the fifth year that the London Stock Exchange Group has highlighted Britain’s “fastest-growing and most dynamic” small and medium-sized enterprises (SMES).

The report features companies in both traditional industries and more recent economic success stories. The largest sector represented is engineering and construction with 132 companies, followed by information technology with 72 firms.

Financial services was found to be one of the fastest growing sectors with an average annual revenue growth rate of more than 461 per cent, followed by engineering and construction at 109 per cent.

Nikhil Rathi, chief executive ofthelondonstockexchange, said: “Five years on, the report continues to demonstrate the strength and diversity of British businesses across the country. These dynamic companies are the backbone of our economy, playing an important role in the UK’S ability to innovate, export and grow.

“The more than 10 per cent increase in the number of Scottish companies included in this year’s report is testament to Scotland’s entrepreneurial spirit and the economic and job creating potential of these businesses.

“Policy makers must continue to increase access to growth capital for these firms, which would in turn benefit the wider UK economy.”

Chancellor Philip Hammond said: “Small businesses are the backbone of the British economy with a combined annual turnover of £1.9 trillion and employ 60 per cent of private sector workers outside of London.

“That’s why, whether they are family run firms or tech start-ups, we are supporting high growth SMES to achieve their potential.”

Five companies have featured in the report series over the past five years.