The Fastest 50 analysed

Oct 14 2009 By The Journal

Colin Hewitt, partner and head of commercial law at Ward Hadaway.

CELEBRATING growth in a time of global recession may seem like an odd thing to do.

After all, we have been through arguably the most tumultuous 12 months which the global economy has seen for over six decades and almost every business in every sector has the scars to prove it.

However, while the broader economic picture has looked far from rosy over the past year, there have been bright spots in a variety of different places.

It is bringing these bright spots into focus and making them shine on a wider stage which has always been the function of the Fastest 50, something which it is doing as well as ever in 2009.

The companies in this list have rolled up their sleeves and got on with the job in hand, quietly going about their business determined to succeed and not be swayed by the many siren voices of doom which have swirled around since the downturn started.

If we are looking for the fabled green shoots of economic recovery in the North East, it is to these businesses and many like them which we should turn.

With our relatively small number of plcs and relatively large public sector, the onus on ensuring the region’s revival and continued prosperity falls to the privately-owned businesses which embody our entrepreneurial spirit and will to win.

With companies of the calibre of those in our Fastest 50 for 2009 leading the way, we should not go too far wrong.

The first thing which stands out from an overview of the list is how many of those within it are new entrants this year.

A total of 28 of the Fastest 50 for 2009 were not in last year’s list – more than half the total – and seven of the top ten companies in the list are also new entries, including the overall winner Soil Machine Dynamics.

This is proof positive not only of the dynamism of the North East economy but also its competitiveness.

It brings home the point that no company can afford to stand still in these times and in this region, something which can only be good for the forward march of the North East.