SME manufacturers are defying predictions of a slowdown in the market by declaring increases in current and predicted sales.
According to the latest Manufacturing Barometer report, 59% of respondents have indicated turnover increased in the previous six months, up 4% on the last report, with 70% expecting further increases over the next quarter.
In further positive news, half of firms are still looking to recruit and 54% said they were planning to increase investment in new technology… the highest figure recorded in the six-year history of the report run by the Manufacturing Advisory Service (MAS) and an indication of a movement towards more advanced manufacturing.
I’m pleased to say that SME manufacturers are feeling more optimistic. Turnover for the last period has bounced back strongly
The special theme of this report was ‘identifying barriers to growth’. Responses revealed that the burden of regulation and the pressure of paying higher salaries are the two main concerns for UK’s SME manufacturing base.
Steven Barr, head of manufacturing at the Business Growth Service, said: “There have been concerns that manufacturing is slowing down, and GDP figures from the Office for National Statistics did indeed reveal a slight decline.
“I’m pleased to say that SME manufacturers are feeling more optimistic. Turnover for the last period has bounced back strongly and the outlook for future sales appears positive, with automotive and construction strong and new opportunities in offshore wind and nuclear opening up previously untapped markets.
