What the HSBC UK Corporate Tracker Tells Us About the CFO Agenda Right Now
Written by Ray Nicholls, Founder, Pitch Hill Partners
UK mid-market businesses are in better financial shape than the headlines suggest.
That's one of the clearest takeaways from the second edition of the HSBC UK Corporate Tracker, produced in partnership with Beauhurst and published in February 2026. The report analyses the financial performance of over 14,000 UK corporates — businesses meeting at least two of the criteria of £36m+ turnover, £18m+ balance sheet, or 250+ employees.
What it reveals matters for every board, investor and finance leader operating in the mid-market right now.
📊 The financial picture has changed
Between 2019 and 2024, EBITDA across UK corporates grew materially — rising roughly 70% above pre-pandemic levels by 2024. Net debt also rose over the same period, but at a slower rate. The result is that leverage has actually improved. More companies now sit in the lower-risk debt-to-EBITDA bands than did before the pandemic. The cohort of businesses carrying debt above three times EBITDA has shrunk.
In plain terms: UK corporates are carrying more debt than they were in 2019, but they're earning significantly more too. Balance sheets look stretched in absolute terms, but the underlying financial health is stronger than it appears.
This has a direct implication for finance leadership. The CFO agenda is shifting from cost control and cash preservation towards growth enablement, investment decision-making and capital allocation. The skills that were essential during the crisis period are not the same skills that will drive value in what comes next.
🏭 Growth is regional and sectoral — not uniform
The report maps corporate growth clusters across every UK region. A few patterns stand out from a hiring perspective.
Financial and professional services are growing strongly outside London — particularly in the North West, where Manchester has become a significant draw for back-office and specialist functions relocating from the capital. The East of England cluster, anchored by Cambridge, is seeing rapid growth in SaaS, digital, and life sciences. Yorkshire and the Humber is driven by heavy industry, oil and gas infrastructure, and professional services. The West Midlands remains the automotive heartland, with digital and technology emerging alongside it.
This geographic distribution of growth matters for talent. Finance leadership capability is not evenly distributed. As more growth companies emerge outside London, the competition for commercially astute CFOs and FDs in regional markets is intensifying.
👥 Employment tells the same story
Total employment across UK corporates grew from around 14 million in 2021 to approximately 17.7 million by 2024. Corporates represent just 0.39% of active UK companies, yet they account for 45% of the workforce.
Growth was driven by confidence, not recklessness. Companies used improved earnings to fund headcount expansion rather than simply repaying debt. That's a healthy signal — and it points to continued hiring pressure at the senior finance level as organisations build out the leadership capacity to manage larger, more complex operations.
💡 What this means for boards and finance leaders
A stronger balance sheet creates options. It also creates demands.
Boards that have spent the last few years focused on survival now need CFOs who can help them think about what growth actually looks like — organic, acquisitive, or both. PE-backed businesses in particular are entering a period where the financial foundations are in place and the focus turns to realising value.
For finance leaders, this is a moment to reposition. The most sought-after CFOs and FDs right now are those who can combine robust financial control with genuine commercial and strategic contribution. The companies growing fastest don't just want someone to report the numbers. They want someone who helps shape what the numbers should be.
The environment has shifted. Finance leadership expectations have shifted with it.
The HSBC UK Corporate Tracker (February 2026) was produced by Beauhurst on behalf of HSBC UK. The analysis covers over 14,000 UK corporates meeting defined size thresholds. All data referenced in this article is drawn from that publication.
