UK manufacturing reaches three-year high, study reveals
British manufacturers are experiencing a surge in activity, with output balances reaching their highest level for three years, a major new survey released today by EEF, the manufacturers organisation, and accountancy and business advisory firm BDO LLP, has revealed.
The rebound is driven mostly by a very significant demand growth on the domestic market, but conditions in overseas markets have also significantly improved, with the balance of companies seeing growth in export sales rising to a two-year high in the past quarter.
The survey has also revealed that a balance of 32% of companies reported increased output, up from 12% in the last quarter and the highest since the beginning of 2010. Orders balances also increased significantly, up to 27% from 7% in the last quarter.
Around 24% of respondents answered that they are planning to increase their capital investment in the year ahead, up from a balance of 7% last quarter.
Additionally, recruitment balances held steady with a balance of 12% of companies reporting that they had increased employment in the last three months, up from 11% last quarter. Smaller companies were responsible for all of the growth in employment this quarter with a balance of 3% of larger companies reporting employment had decreased in the last three months.
Companies participating in this survey also revealed a superior level of confidence in terms of future prospects, since they expect orders from both domestic and export markets to increase by 24% and 19% respectively, with UK demand expected to continue to outweigh demand overseas.
Additionally, recruitment is also expected to moderately increase with a balance of 16% of companies expecting to increase employment in the coming three months.
Improved activity and a penchant for investment and hiring of additional staff should also translate into the implementation of a very solid and reliable workforce management solution, and this is exactly where Tensor could put its extensive experience to very good use.
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