Record high for business growth

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Business growth in Yorkshire is hitting record highs, according to R3, the insolvency trade body.

R3 has tracked five key indicators of UK business growth since March 2012.

Based on that research, R3 says 63 per cent of businesses in Yorkshire and Humber and the North East are demonstrating at least one key indicator of growth, close to the record national figure of 68 per cent.

During 2013 44 per cent of businesses in the region said sales were up, compared with 42 per cent nationwide.

A third said their market share had grown, compared with 30 per cent nationwide and, both regionally and nationally, 32 per cent said their business was growing .

Yorkshire and Humber business fell slightly behind when it came to investment in new equipment – 41 per cent, compared with 42 per cent nationwide – and fared worse when it came to increasing profits. Only 29 per cent of businesses in the region said profits were up, compared with 41 per cent nationwide.

In R3’s latest survey, all indicators have hit record highs across the UK, while four out of five indicators have seen double-digit growth since R3’s summer survey.

Gareth Self, Yorkshire R3 committee member and Insolvency Practitioner within the P&A Group of Companies in Sheffield, says: “Following on from R3’s last survey, the latest results are a welcome sign that the recovery is bedding in and gaining ground. This is very encouraging. We’ve never seen such a rapid improvement from one survey to the next and our region is performing well.

“After such a prolonged period of stuttering growth, it’s very nice to be able to talk about good news for a change.”