The North West’s listed companies have added £2.1bn to their total values in the second quarter of 2017, according to business advisory firm, Deloitte. The 5% growth saw the total value of the region’s listed businesses rise from £41.6bn in Q1 2017 to £43.7bn.
Statistics from Deloitte’s latest North West Share Index also reveal that the region has continued to outperform the capital, with the FTSE All Share rising by 3.9% over the last three months. This builds on the latest UK Powerhouse report, which showed that the economies of both Manchester and Leeds have grown faster than London since 2014.
This quarter has been particularly strong for the North West’s smaller companies, with the value of those listed on the Alternative Investment Market (AIM) jumping 20% to £13.8bn. Online fashion retailer boohoo.com witnessed particularly significant growth, having announced that revenues doubled to £120m in June this year.
Chris Robertson, partner and head of plc activity at Deloitte in the North West, said: “While we would have expected to see increased market volatility in the three months running up to the election, it is encouraging that the region’s listed businesses have continued to build on their strong start to the year. SMEs are the driving force behind the North West economy, which has led to Manchester outperforming the capital both in GVA growth and on the public markets.
"The expected devolution of powers will control our own spending, while the investment in transport and infrastructure will further improve connectivity and economic growth in the region. From the Baltic Triangle in Liverpool hosting some of the nation’s most ambitious tech companies, to the National Graphene Institute in Manchester being the home of advanced manufacturing, the North West has enormous potential to continue to grow in future.”