Digital boost for local economy

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Digital boost for local economy

There’s a major economic boost for Peterborough.

A new report shows it’s leading the way when it comes to the digital revolution.

For the first time ever, a quarter of the county’s top performing firms are located in the city.

The report, called Cambridgehire Ltd, was produced by financial and business advisers Grant Thornton and looked at the performance of the top 100 companies in the county to give a barometer of the local economy.

The findings, unveiled to more than 140 Cambridgeshire business leaders, showed combined  profits for its 100 members grew by almost a third (31%) to £1,161bn, with 71% of companies reporting an increase.

Turnover also grew by 6% to £10,085bn with almost three quarters of businesses (73%) achieving a rise in sales.

Technology, Cambridgeshire s largest sector covered by the report by both members (22) and turnover at £2,539m, remained influential, delivering 59% of total profit at £683m  more than three times that of any other sector – from 25% of total turnover.

Employment levels for the 100 companies also rose by almost 3% to 51,327 people. The Technology sector remained Cambridgeshire Ltd s largest employer with a payroll of 13,419 (up 5%).

The average salary of those employed by the top 100 companies increased by 5% to £31,200, largely driven by Business Support Services showing a rise of 24%.

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