Over ten years, we will double the benefit to local economies from our organisation.
In order to measure progress against this target, we have been developing a methodology for measuring our economic impact year on year. In March 2020, we started a two-year project in partnership with the University of Derby and with funding from Innovate UK.
Economic impact is measured using Gross Value Added: the combined value of direct and indirect goods and services. We also calculate the number of jobs indirectly supported by the Devonshire Group’s operations.
Work to date has looked at our direct GVA, indirect GVA and indirect employment.
When comparing 2020/21 figures with the year before, it is easy to see the impact of the pandemic on our financial performance. Direct GVA dropped from £43.4m in 2019/20 to £25.5m in 2020/21.
Total UK indirect GVA also reduced, from £18.1m in 2019/20 to £10.1m in 2020/21. The number of jobs supported by our operations stood at 172 in 2020/21, a drop from 285 the year before.
The pandemic highlighted the ways in which our operations benefit our local economies. The figures above show the significance of our contribution to the economic wellbeing of our community and the communities around us.