Belfast Telegraph

Local firms lead the way in growing sales to £1m

By John Mulgrew

Companies in Northern Ireland have a greater chance of reaching £1m in sales than firms in any other region in the UK, figures have shown.

According to research from the Enterprise Research Centre, 3.7% of businesses set up here in 2012 - and 4.4% of firms in Belfast - with revenues less than £500,000, subsequently increased turnover to at least £1m by last year. That compares with a UK average of just 1.8%.

But companies in Northern Ireland are not growing past that mark as quickly.

Local success in nurturing firms that grow to a £1m turnover may come down to a lack of competition, according to the research. Northern Ireland has by far the lowest start-up rate of any of the UK regions.

Despite firms growing quickly, Northern Ireland also saw some of the weakest job creation rates in the UK in 2014 to 2015, creating 5,441 private sector jobs.

Belfast Telegraph