YORKSHIRE’S top 150 companies have continued their post-recession revival, according to a survey today.
Data from accountancy and business advisory firm BDO showed the region’s biggest businesses increased revenues and profits for the first time since 2009.
BDO’s Yorkshire Report 2012 showed that the top 150 – which include Cummins Turbo Technologies and FMG Support in Huddersfield – saw net profits almost double to £2.25bn from £1.25bn last year and £0.3bn the year previous.
Ian Beaumont, partner and head of BDO in West Yorkshire, said: “This has been a solid year of financial progress for the top 150 which will be welcomed by businesses across the region. Companies now seem to be on much firmer footing and the challenge is now to create a springboard for further growth.”
Of the 150 companies analysed, 117 made a profit compared with 105 last year.
Food retailers Morrisons and Asda were among the best performers – together accounting for 44% of group revenue among the top 150 and increasing their own revenues by 7% and 4% respectively.
Other figures showed employment rose to 469,000 from 460,000.
Mr Beaumont said: “The business landscape has been rocked by the recession, but Yorkshire businesses have proved to be resilient and innovative.
“They have worked extremely hard to drive down costs and push profits up and a cautious approach to debt and gearing ratios is to be expected.
“However, we have witnessed a significant drop in business spending. Investment in property, plant and machinery has fallen by 20% to £2.4bn which raises concerns about future growth potential.”