The value of North West’s listed companies have hit an all time high reaching £48bn.
Findings from Deloitte’s latest North West Share Index show that the total value of the region’s listed businesses included in the FTSE 100, FTSE 250, and FTSE Small-Cap indexes and quoted on AIM increased by three per cent to £48.4bn in Q2.
North West firms once again outperformed the national average, growing their combined market capitalisation by three per cent compared to under two per cent for firms across the country.
Following a strong start to the year, 40 of the 65 listed companies saw their values grow, comparable to the total of 43 in the previous quarter.
The continued growth in value of a number of companies in the region – notably AJ Bell, Boohoo.com Plc, and JD Sports, adding £322m, £263m, and £813m, respectively, in Q2 – has been a driving factor behind the overall increase in total value.
The growth in share value was underpinned by another strong quarter in the retail sector, with the 11 companies in the region adding a combined £1.1bn.
Amidst difficult conditions for retailers across the country, the continued growth in value of the North West’s retail sector underlines the region’s resilience to national trends.
An impressive performance by Auto Trader Group saw its value increase by £243m to over £5bn, while JD Sports’ increase of £815m saw it become the region’s largest firm by market cap, overtaking United Utilities.
JD Sports’ notable increase was driven by the opening of 29 new stores in the quarter, primarily across Europe, Australia, and Asia-Pacific.
Andy Westbrook, practice senior partner for Deloitte in the North West, said: “Firms in the North West have once again had a strong quarter in comparison to the rest of the Ƶ.
"We have witnessed the continued growth in value of the retail sector – which now accounts for over £21bn of the total value – following a tough Christmas period.
“As we enter the second half of the year, uncertainties in Westminster could undermine strong performances of the region’s firms.
"However, the strong Q2 shows that the larger sectors in the North West achieved positive results despite political developments, which shows the underlying strength and resilience of the North West markets.”
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Bod Buckby, Head of Ƶ Primary Markets – North, London Stock Exchange, said: “These findings underline the significant economic contribution of companies from the North West of England and their ability to grow using patient equity capital.
“London Stock Exchange Group is pleased to support companies of all sizes and sectors in the North West – including on AIM and the Main Market, via the ELITE initiative supporting the growth of private companies, and through our 1000 Companies to Inspire Britain reports.”
