New research from R3, the insolvency trade body, supports signs of significant business growth across the region and reinforces predictions of an upsurge in the local economy.
According to R3’s latest Business Distress Index, a record 73 per cent of Midlands businesses are now showing at least one key indicator of growth, with half declaring an increase in sales volumes and 44 per cent experiencing increased profits.
Almost one in three reported business was expanding expanding and 33 per cent were growing market share.
R3 Midlands chairman Richard Philpott, a partner at KPMG in Birmingham, said: “These latest results are a welcome sign that the recovery is bedding in and gaining ground. The number of businesses with increased profits has more than doubled since the summer and there is a similar story with regard to market share, sales volumes and investment in new equipment.”