2017/18 MHA Manufacturing and Engineering Survey Report is now available.
73% of businesses in East Anglia experienced growth in 2016, up from 66% of sampled businesses seeing growth in 2015. The outlook for 2017/18 remains optimistic, with 84% of respondents in the region predicting growth of some kind for their business and 22% expecting this growth to be in excess of 10%. Naturally, there remains a nervousness surrounding the outcome of ongoing Brexit negotiations and how these will impact UK businesses.
Charlie Savory, Partner and head of the manufacturing team at Larking Gowen, said: “I’m delighted to see the continued growth of manufacturing businesses in East Anglia in 2016, coupled with the level of confidence for 2017.
“In the short term, it’s clear that the employment of skilled workers remains a real challenge and profit margins will be under continued pressure as the costs of employment continue to increase and imported raw material costs remain high. The ability to pass these costs on to the customer will be important in ensuring the business has sufficient funds to reinvest for the future. For those exporting, the sustained pressure on sterling post Brexit has meant that many exporting businesses have seen an increase in sales.
“It’s imperative that companies continue to invest in ways to drive their business forward in the most efficient manner to remain competitive. As a profession, we’re aware that only half of businesses are benefiting from R&D tax credits and would encourage all businesses to review their operations to ascertain whether they would qualify.”
We will be holidng a round table discussion breakfast on the 31 October, in Norfolk to discuss the findings of the report. If you are a manufacturing business and would be interested in attendng, please contact Kerry-Anne Rookyard - 01473 917380 or email Kerry-Anne.Rookyard@larking-gowen.co.uk