UK-listed companies saw their collective revenues rise 4.2% to £1.11trn in the first quarter of 2017, according to analysis by The Share Centre.
This is the first rise recorded since 2013, as the weaker pound bolstered the performance of large multinationals and exporters, with banks reporting an income rise of 9.6% to £168bn.
Companies also saw revenues grow at the fastest rate recorded since 2010, with pre-tax profits increasing by 21.5% to £60.1bn, although these are still less than half of what they were before the financial crisis.
"The picture of UK plc's health was heavily airbrushed by the positive effects of a weaker pound," The Share Centre analyst, Helal Miah, said. "For multinationals, the pound's devaluation merely applies cosmetic improvements to their annual results.
"For others, there are real economic benefits if a company can serve foreign export markets from a cheaper UK base - that means higher volumes, or higher margins, or both."
Almost three quarters of the companies analysed said that their results had increased annual operating profit, which grew collectively by 23.4% on a like-for-like basis to £67.8bn.
A quarter of the growth in operating profit is attributed to exchange rate effects, with two-thirds of the firms analysed reporting their results in dollars or euros, creating a £77bn boost to the top line.
It was found that revenues would have fallen overall without the effects of the weaker pound, however, more efficient operations and improving market conditions were also observed.
"When we peel back the veneer of exchange rate gains, recent results are nevertheless encouraging," Miah continued.
"Although top 100 firms are still struggling to grow sales, the sight of healthier operating margins is very welcome, and reflects an improved ability to manage costs.
"It also means they are well-positioned for the improving trading conditions that will accompany the uptick in global growth.
"Better average oil prices, and more resilient commodities, and the return of more normal monetary conditions will all be beneficial for the UK's largest firms.
"Domestically focused mid-caps continue to outperform, but they are more vulnerable to a coming slowdown in the UK economy as inflation bites into spending power."
