Social enterprises buck recession with 80% growth

Social enterprises buck recession with 80% growth

Social enterprises defied the recession to achieve substantial growth during the economic downturn, according to a new study published this week.

Research by the Royal Bank of Scotland found the 100 highest growth firms in the sector reported an annual growth in revenue of 79% in the year to March.

Of the 350 firms that submitted information, the combined turnover was A?812 million, putting the average turnover at A?2.4 million.

Firms in the environment, recycling and renewables industry posted the highest growth rate, with an average growth rate of 49.7%.

The study was used to put together the first index measuring the growth of the top 100 social business in the UK, the RBS SE100.

A spokesperson for RBS said: “The RBS SE100 Index, which is the first of its kind, will prove to be a really valuable benchmark for the entire social enterprise sector.”

Nick Hurd, minister for civil society, added: “The RBS SE100 is a hugely important tool for proving the success and potential of social enterprise.

“Already it shows phenomenal growth which will boost confidence in the sector and open doors to private finance.”

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