How Exeter's companies faired the pandemic in 2020
Exeter is often considered as the business and economic hub of the West Country. It’s home to the Met Office which is one of its largest employers, as well as large governmental centres, and a number of big companies. More than 35,000 people commute into the area every day for work. Not only that, but the city has been ranked as one of the top 10 most profitable places to open and own a business in the UK.
Despite this, the ongoing pandemic has had implications for the region. Devon local authorities have pleaded with the central government to provide more support for the region after reports surfaced that predicted job losses of up to 123,000. This, they said could equate to a loss of some GBP 1.98 billion and considerably longer community recovery times.
The pandemic has also revealed many economic weaknesses in the region. As a response, a local group called Exeter City Futures has looked at how new jobs can be created, the quality of life can be increased, and ways in which the economy can be stimulated. This, they say, involves the community pulling together to support local businesses as well as each other.
Publicly traded success
Pennon Group PLC is not only publicly traded, but it’s one of the largest in the region. With around 5000 employees, it turns over around GBP 1.5 million each year. Its activities include interests in South West Water, Bournemouth Water, and Viridor amongst others. Headquartered in Exeter, it’s listed on the London Stock Exchange and is on the FTSE 100.
Financial reports for Pennon Group for the year showed resilience in 2020 and there were no notable reductions in employees. In fact, they committed to paying staff in full without having to rely on government support. This bodes well on the stock market as they enjoyed relative investor confidence throughout the year.
In fact, investing in stocks and shares proved popular as people sought to leverage fluctuations in the market. Prior to investing, reading reviews such as the Trade 360 review provided investors with confidence in the platform, and their ability to get to grips with the markets as they changed rapidly throughout the year. Pennon Group was just one of those that was ripe for investment by beginner and professional investors alike.
Other success stories
Another one of the big names in the area is Gregory Distribution LTD, headquartered in Exeter and employing over 1700 people. With a turnover of more than GBP 165 million a year, they provide distribution and warehousing services for the British contract distribution market.
Vospers is another well-known brand in the southwest. With over 700 staff, this car dealership has a GBP 12 million supersite in Exeter as well as many smaller branches throughout the region. While it may have been a hard year for those in the automotive industry, Vospers is sure to retain its market position as a leader in Devon. It was a difficult 12 months for Scot Group Limited which owns the Dollar and Thrifty car rental brands and enjoys the prestige of being the largest privately owned rental company in the country. It has more than 1200 staff on the books and turns over more than GBP 103 million each year.
In healthcare, Devon Doctors Ltd provides urgent out-of-hours care throughout Devon. With more than 500 staff and a turnover of GBP 30 million, they provided an instrumental service during the ongoing pandemic and saw demand for their services increase exponentially.
At a community level, concerns about Exeter's economy are well-founded. But there is hope. That relates to the performance of Exeter and Devon's companies both on the stock exchange and within the local economy.
