BUSINESS is looking up for Worcestershire's top 15 companies, which have boosted their revenues by 13 per cent over the last 12 months, according to a new report.

Analysis by accountancy and business advisory firm BDO shows that worldwide, the companies which include Halfords, Sanctuary Group, Worcester Bosch, Joy Global and Thomas Vale, generate combined revenues of £11.5bn and employ 70,000 people. Although the figures are heavily influenced by the inclusion of British multinational GKN, which although headquartered in Redditch has a total workforce of nearly 43,000 in 22 different countries and a combined turnover of more than £7 million. Manufacturing is the county’s most dominant sector, accounting for seven of the 15 largest firms.

Richard Rose, partner and head of BDO in the West Midlands, said: "The solid financial progress demonstrated by the companies in Worcestershire speaks volumes and should be welcomed by the thousands of businesses in their supply chain. However, international expansion should be the guiding principle for long-term sustainable growth. The time is now to cast aside economic worries, invest in tomorrow and forge ahead with global expansion plans.”

The inaugural BDO West Midlands Report 2015 compiles the latest published accounts from the West Midlands’ largest 200 companies based on revenues, and serves to create a new barometer of economic health for the region. Across the region, the largest 200 companies generated £124bn in revenues and saw net profits increase by 52 per cent to £7.6bn in the last 12 months. International sales during the last two years doubled from £14.4bn to £31.4bn.

According to the BDO West Midlands Report, the more stable economic and fiscal environment has also started to be reflected in recruitment. According to analysis, 630,000 people are now employed by the region’s biggest companies – almost 40,000 more than the 12 months previous.