North West’s listed companies added almost £1.9bn to their total values in the third quarter of 2017, according to business advisory firm Deloitte.
The latest North West Share Index reveals that the value of the region’s listed businesses has risen by 4% in the last three months, with total market capitalisations rising from £43.7bn to £45.6bn.
This result is due to the performance of the region’s largest listed businesses, those ranked on the FTSE 350 index. In total, six of the 18 companies achieved double-digit growth, with cyber security firm NCC Group seeing a 32% increase in its market capitalisation, which now stands at £598m. The firm has enjoyed a period of consistent growth over the last six months, with its value jumping 63% since March 31st.
Meanwhile, Pets at Home, the UK’s largest pet supplies retailer, saw its value jump 33% to surpass the £1bn mark.
The North West’s retail sector performed exceptionally well in the last quarter, with the overall value of businesses in the sector jumping 5% to almost £20bn. Although May 2017 saw sales figures hit the lowest growth since April 2013, sales values were up 5.6% in August compared to the same period last year, according to the Office for National Statistics.
Doug King, director at Deloitte in the North West, said: “The North West is represented by a number of outstanding global brands, many of which have performed well in the last quarter. With the likes of JD Sports and B&M headquartered in the region, the retail sector is an important part of the North West economy, as the values of these companies make up nearly half of the region’s funds on the public markets.
“As a result, it is unsurprising that the retail sector has performed so strongly in the third quarter of the year. Many retailers will have benefitted from the ‘back-to-school’ boost, and many consumers will have hit the high streets to make most of the summer sales.”
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