London Stock Exchange Group launches the fifth annual edition of its ‘1000 Companies to Inspire Britain’ report, identifying the UK’s most dynamic and fastest growing Small and Medium Sized Enterprises (SMEs).

The publication of the report was celebrated by the opening of the London market with The Rt Hon Philip Hammond MP Chancellor of the Exchequer; David Warren, Interim CEO and Group CFO, London Stock Exchange Group;  Nikhil Rathi, CEO, London Stock Exchange Plc; and more than 50 company CEOs featured in the report. It was followed by a panel discussion on supporting SMEs to access finance for continued growth.

As per the report, companies’ revenue are growing at an exceptional average rate of 71% on average, continuing previous year’s rate of 70%, despite strong economic headwinds. 34% of companies are from the Northern Powerhouse and Midlands Engine regions. The report confirms that companies in the North West are the fastest growing with 232% annual average revenue growth. It features companies in both traditional industries and more recent economic success stories; largest sector represented is Engineering and Construction with 132 companies, followed by Information Technology with 72 companies. Financial Services has proven to be one of the fastest growing sectors with an average annual revenue growth rate of more than 461%, followed by Engineering and Construction at 109%.

The Rt Hon Philip Hammond MP, Chancellor of the Exchequer, said:“Small businesses are the backbone of the British economy with a combined annual turnover of £1.9tn and employ 60% 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.”

David Warren, Interim CEO and Group CFO, London Stock Exchange Group: “1000 Companies to Inspire Britain 2018 clearly illustrates the economic potential of the UK’s SMEs and underlines the diversity and resilience of these businesses. Their geographical and sector variety lays the foundation for a diverse and balanced economy, enabling the skills and entrepreneurship of many thousands of people to flourish.

“Our role and that of the Government and the financial ecosystem is to ensure that high-growth businesses receive support to realise their growth potential. This not only benefits the companies, but the UK economy as a whole, by creating the jobs of tomorrow.

“At London Stock Exchange Group, we are particularly focused on ensuring these businesses receive access to finance to fuel their growth. This report is part of LSEG’s broader support for global high growth companies, including our business support and capital raising programme, ELITE, and our leading international growth market, AIM.”

Stephen Welton, CEO, BGF, stated: “The 1000 Companies to Inspire Britain report serves as a reminder of the talent and ambition that exists amongst SMEs in the UK. This is BGF’s fourth year as sponsors and, I’m delighted to say, the third year we have featured as one of the 1000 Companies ourselves.

“This year, BGF received its own recognition when we became the first investment company to be honored for Innovation in the Queen’s Awards for Enterprise. Our long-term equity investments are helping more and more growing companies scale-up into the big businesses of tomorrow, with many featuring on this year’s list: including Castleton Technology plc, Hawk Group, Johnsons Aggregates, Medigold Health, PPS, Renal Services, Satellite Solutions Worldwide and The Coaching Inn Group. Warmest congratulations to every company listed.”

Keith Morgan, CEO, British Business Bank, said: “It’s great to see that our programmes have helped many of the featured businesses along the road to success.

“Following last year’s budget that provided the British Business Bank with an additional £2.5bn of new resources, we look forward to supporting even more businesses achieve their full potential. We will do so by developing new initiatives aimed at unlocking around £13bn of long-term investment in innovative companies across the UK led by ambitious entrepreneurs who want to build successful, world-class businesses.”

Julian Morse, Head of Growth Companies, Cenkos: “Growth companies and their associated entrepreneurs are the ‘engine room’ of the UK economy.  We, at Cenkos, are proud to be associated with such innovative and trail blazing businesses. Cenkos’ Growth Companies Team specialises in successfully marrying growth capital with UK growth companies.”