North West-based companies listed on the London Stock Exchange have lost over £1bn of their collective market capitalisation over the last quarter, according to Deloitte.
Research from Deloitte’s North West Share Index shows that companies in the region struggled in the second quarter of the year, declining on average by 4.25 per cent.
As a result, the total market cap of North West companies dipped to £24bn, with each company losing an average of £13.6m.
In contrast, the FTSE overall saw growth of 0.44 per cent.Despite this, a number of the region’s companies continued to perform strongly.
Lancashire-based energy software and service provider Bglobal, having completed the sale of Chorley-based Utiligroup to NorthEdge Capital last month, saw its market cap rise by 88 per cent.
The region’s largest listed companies, those on the FTSE350, struggled this quarter, with six of the nine experiencing market cap decline.
Despite these six losing a combined total of over £1.1bn, the 12 per cent growth of United Utilities saw the company boost its market cap by £640m.
Chris Robertson, partner in charge of PLC activity at Deloitte in the North West, said: “It has been an exciting time in the public markets, with some high profile national and regional floats.
“It was never going to be possible to maintain this momentum, particularly as we enter the traditionally more quiet summer months.”