Three-fifths of small and medium enterprises experienced growing sales in their last financial year, with the average increase more than £50,000, according to new stats.

Research by Barclays revealed that 62% of SMEs reported growth in their most recent financial year, with turnover going up 14% or £52,500 on average.

Barclays described SMEs as “a growing force in the UK economy”, partly responsible for the UK’s revival after years of recessionary trends.

Revised figures by the Office for National Statistics showed the UK economy expanded 0.9% in the second quarter of 2014, one of the best results in Europe.

Delving deeper into the new figures, smaller SMEs witnessed the speediest growth with an average of 18%, while 11% of SMEs said growth hit 21% or better.

Steve Childs, head of international at Barclays Business said: “Confidence has returned to the SME market at record levels and we’re seeing real optimism for future growth well into 2015. Small businesses are seizing opportunities available to them in the UK and internationally.

“Trading overseas is just one example of how businesses have accelerated their growth and is key to the health of the UK economy in addition. It has never been a more important time for SMEs to get the support they need to trade internationally.”

SMEs were also confident about the future with 65% forecasting higher sales in the next 12 months.