The majority of Hertfordshire’s business leaders have said they are expecting their companies to grow during 2023, despite economists fears that England will enter a recession this year.
According to data from a joint survey by Grant Thornton UK LLP and The Hertfordshire Chamber of Commerce, 72% of the county’s businesses expect their sales to remain flat or to increase this year and 57% believe that the UK economy will grow.
While the respondents acknowledge major economic headwinds, including inflation (68%) and interest rates (19%), more than three quarters (77%) said they felt confident that they could effectively manage the economic environment.
This result follows the release this month of the Top100 private business index for the county – Grant Thornton’s 2023 Hertfordshire Limited report** – which revealed that Hertfordshire’s top 100 businesses achieved an annual turnover of almost £15 billion.
The Hertfordshire Limited report provides an annual review of the county’s most successful businesses as measured by annual turnover. The businesses included in the report have a turnover range between £40 million and £1.3 billion and collectively employee over 75,000 people.
14 new businesses joined the top 100 in this year’s Hertfordshire Limited report. The most profitable three companies in the county by EBITDA were JRL Group, CP Holdings, and David Lloyd.
The county’s top three highest performing sectors by turnover were property and construction, business support services, and food, beverage and leisure.
Mike Tillson, Corporate Finance Partner at Grant Thornton UK LLP, said: “The strong results in the recently launched Hertfordshire Limited report and business confidence survey underline the optimism we’ve seen among the county’s business leaders when it comes to their plans for 2023. It’s interesting that the confidence exceeds the view of many leading economic research institutes, but I think it just goes to show that the region is full of ambitious, dynamic companies that are eager to move forward and grow.
Briege Leahy, CEO at the Hertfordshire Chamber of Commerce, said: “We’ve seen first-hand how Hertfordshire’s businesses responded to the challenges of recent years with determination, flexibility, enterprise and innovation. The turnover that the top 100 companies achieved is a fantastic illustration of just how much activity and economic progress is going on right now in our county. This all means that I am very confident in the ability of Hertfordshire’s entrepreneurs and business leaders to not only survive but in fact to thrive during the months ahead.”
