HSBC UK Corporate Tracker
February 2026
Our latest publication, produced in partnership with HSBC UK, examines the financial health and growth dynamics of 14,290 UK corporates. The report explores how corporate clusters are forming around regional strengths, creating embedded supply chains and employment hubs beyond London. Key findings: Earnings outpacing debt – EBITDA now sits 70% above pre-pandemic levels, compared with net debt at 55% above 2019, signalling strengthening balance sheets across the corporate landscape. Industrial Strategy alignment – Corporates account for around 70% of employment in advanced manufacturing, clean energy, life sciences and defence – sectors central to the UK’s economic strategy. Regional growth is not uniform – New areas of corporate strength are emerging across the UK’s regional clusters. Financial and professional services are expanding in the North West and Yorkshire, drawn by cost advantages and operational depth. Scotland’s digital and technology growth is broadening across the major cities, pointing to a more distributed and resilient technology ecosystem rather than reliance on a single urban centre. |
FAQs
A corporate must meet at least two of the following three criteria: annual turnover exceeding £36m, balance sheet total exceeding £18m, or more than 250 employees.
There are 14,290 UK corporates, representing 0.39% of active UK firms, yet they employ 45.1% of the workforce (17.7m employees).
The median turnover growth across UK corporates was around 10.5% per year between 2021 and 2024. This exceeded the UK economy’s overall growth, where Gross Value Added increased by 7.73% per year over the same period.
Financial and professional services are expanding in the North West and Yorkshire, drawn by cost advantages and operational depth. Scotland’s digital and technology sector is growing across Edinburgh, Glasgow and Aberdeen. More information can be found on pages 6 to 18 of the Insights Paper.
Since the pandemic, rising earnings have helped corporates improve their financial position. EBITDA growth has consistently outpaced the rise in net debt since 2020, materially strengthening leverage even as absolute debt levels remain above their 2019 baseline.
The distribution of leverage has also shifted decisively towards the low-risk end of the spectrum. The number of corporates with debt between 0 and 0.5x EBITDA rose from around 2,279 in 2019 to 2,887 in 2024, while firms with debt above 3x EBITDA declined by around 8% (from 4,234 to 3,893).
About the authors
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Henry Whorwood
Henry leads our Beauhurst Insights team, and is an expert on equity finance and high-growth business. He's worked on briefs for the likes of Barclays, SyndicateRoom, Innovate UK, Smith & Williamson and British Business Bank. He regularly gives presentations on market trends at events around the UK.
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Callum Newton
Callum is the Public Sector Lead for Beauhurst Insights, responsible for leading on the team's public sector work. Before joining Beauhurst, Callum was a Senior Researcher at Westminster-based think-tank Onward focusing on ‘Levelling Up’ policy. He was also a Consultant in Portland Communication’s specialist Litigation & Disputes practice.
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Hannah Nicholls
Hannah produces graphic design and data visualisation for the Beauhurst Insights team, and has accumulated over 11 years of experience within the design industry. In the last 4+ years, she has specialised in data visualisation and report design, focusing on creating bespoke reports for strategy and thought leadership.
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Miraj Mistry
Miraj handles project management and data analysis for Beauhurst Insights. His previous role was with an economic consultancy who specialise in providing socio-economic research and analysis to support infrastructure and transport projects. He holds an MSc in economics from the University of Bristol and a BSc from the University of Leeds.
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Freya Morten
Freya manages research projects and data analysis at Beauhurst Insights. She recently joined the team, having previously conducted and led research at Grant Thornton and Mishcon de Reya across multiple service lines, industries and geographies. She holds a BA in Theology from the University of Oxford.
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Justin Tsui
Justin handles data analysis and visualisation, as well as copywriting. Before joining, Justin graduated from Imperial College London, where he was awarded a MSc in Applied Biosciences and Biotechnology. He has also previously worked in consulting and academia.
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Michael Breslin
Michael uses advanced statistical and econometric methods to provide clients with more in-depth, impactful, and novel analyses. He also automates processes by developing and implementing new analytics tools. Before joining Beauhurst, Michael was a data analyst at a policy organisation, where he researched innovation policy.
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Evangeline Luckhurst
Evangeline produces graphic design and data visualisation in the Beauhurst Insights team. Prior to joining Beauhurst, Evangeline graduated from University for the Creative Arts, where she was awarded a BA (Hons) in Illustration and Animation.
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Ruth Rimmer
Ruth worked as a Data Curator at Beauhurst for two years before joining the Beauhurst Insights team, where she now carries out data analysis, data visualisation and copywriting. She holds a BA in Anglo-Saxon, Norse and Celtic and an MA in Medieval Studies.
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Tom Sharpe
Tom performs data analysis and visualisation as well as copywriting for the team. Prior to joining Beauhurst Insights, he spent 2 years in the Data team, helping curate our dataset, with a specific focus on IPOs and Exits. Tom holds a BSc (Hons) in Sport and Exercise Science from Loughborough University and enjoys consulting on mental health research.
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