The UK’s 1,000 fastest growing small and medium-sized businesses have more than doubled their average revenue over the last three years.

Between them, the UK’s 1,000 most dynamic SMEs have collectively generated almost 96,000 jobs over the past two years.

The sixth annual London Stock Exchange Group 1000 Companies to Inspire Britain report says that almost a quarter of the UK’s fastest-growing businesses are based in Scotland and North England.

Companies from North East England England showed revenue growth among the highest in the country at 98pc.

And SMEs from North East England (56pc), Wales (15pc) and Northern Ireland (12pc) saw the biggest increase in representation compared with the 2018 report.

That said, London and South East England continue to have the greatest number of fastest-growing companies, followed by North West England, East of England and the West Midlands.

The top five industries covered by the 1,000 companies are engineering & construction, retail, manufacturing, information technology and healthcare, accounting for 44pc of the overall list.

Over two-thirds of the companies appear in the report for the first time, while six firms make their fifth consecutive appearance.

However, LSE only included companies with revenues of between £6m and £250m in its research, and only companies which have been running for more than three years.

Well-known brands singled out in this year’s report include Charlotte Tilbury, TM Lewin, Brewdog, Secret Escapes, and Funding Circle.

Chancellor Philip Hammond said: “Small businesses not only generate 50pc of all private sector turnover in the UK, they also account for 60pc of all UK private sector employment. SMEs are the backbone of the UK economy.”

David Schwimmer, CEO of London Stock Exchange Group, said: “SMEs drive growth, innovation and job creation and are the lifeblood of the UK economy. We believe that supporting the growth of these businesses is critical to the UK economy and the creation of a society that works for everyone.”

Further reading

Top 9 women founders leading the UK’s high-growth UK scale-ups