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STRONG AND STABLE – BUT FOR HOW LONG? By Ged Henderson
The strength and stability of Lancashire’s economy in the world before Covid-19 is perfectly illustrated by this year’s annual Hot 100 list of the county’s most profitable SMEs.
It is safe to say that both attributes will be much needed over the next 12 months. They are set to be put severely to the test as the county begins its recovery work and the economy slowly emerges from the lockdown that has caused so much damage.
There has been very little movement in terms of the overall sales, employment and profit figures compared to 12 months ago – a sign of stability but also an indication that last year’s growth may have been stunted by the uncertainty surrounding Brexit.
Against that background, construction and manufacturing led the way, with more than £600m of sales created by construction-related companies alone.
Company profiles compiled by Tim Aldred
What the Hot 100’s headline figures will look like in a year’s time is difficult to predict; these are previously uncharted waters.
Professor Simon Bolton, of Edge Hill University’s Productivity and Innovation Centre, says: “The focus of many businesses will be on maintaining their current position rather than looking to achieve growth. The lucky ones will be preparing for a rebound when demand returns.”
He adds: “Next year’s Hot 100 will most likely to be populated by businesses who can better manage changing customer requirements, ensure the relevancy of their business offers and maximise their productivity.”
Mark Schofield, director at Haworths Chartered Accountants, says: “Lancashire came surging out of the last economic downturn, mainly led by engineering and aerospace.
“Yet with Covid-19 bringing aerospace quickly down to earth and the sector likely to be hardest hit by the global pandemic, we simply cannot predict the true impact of coronavirus on our county and its business community.”
Amin Vepari, programme manager at County Council-led scale-up project Two Zero, stresses that as Lancashire looks to meet the challenges ahead, support for SMEs will be vital.
He adds: “We also need to understand that within the current situation, many of these businesses may need to scale back and refocus to recover quicker and to provide a platform for long-term growth.”
In keeping with the changing times that we already live in, this year’s list includes Lancashire’s YouTube star Little Gabby, a five- year-old whose channel earned more than £1m in revenue.
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