Manufacturing SMEs positive about growth prospects
A recent survey carried out by UK private equity firm ECI Partners has revealed that UK manufacturing businesses are one of the more confident sectors regarding prospects over the next 12 months, with 82% of ceos from industrial SMEs predicting strong growth in the coming year.
The Growth Survey, which questioned 250 UK ceos about their expectations, aspirations and growth strategies for the year ahead, showed that 82% of manufacturing businesses expect to see turnover growth of more than 6% over the next year, while a quarter are predicting a rise of more than 20%.
Prospects for job creation were also strong, with 79% of manufacturers expecting to add to their head count, and 24% forecasting growth in employee numbers of more than 6%.
"It's good news that despite a tough few months, nearly three quarters of the SMEs surveyed by ECI are looking to recruit over the next year and half expect to see substantial profit growth in that period," said business minister Mark Prisk (pictured). "Up and down the country, it is Britain's SMEs that are driving our economic recovery."
Ken Lindsay, director of ECI Partners and head of its manufacturing team, added: "The positive outlook of ceos of manufacturing companies matches our own experience of the sector. The sector is helping to lead the UK out of recession and we are actively looking to help ceos in the sector maximise the potential of their growth companies."
