SWMAS Group has teamed up with Economic Growth Solutions in order to carry out The National Manufacturing Barometer. This study has revealed that Small and medium sized manufacturers throughout the UK have stayed resilient, even with the prospect of Brexit looming. In the uncertainty, 57% of small and medium manufacturers have still managed to record and increase in sales over the past six months.
This National Manufacturing Barometer has displayed a strong positive mindset for growth. Two thirds of businesses involved in the Barometer, said they were expecting sales grow again through the first half of the year.
Contributions to the study were provided by the senior decision makers of 270 companies, which allowed access to working life in this industry in these more uncertain times. The National Manufacturing Barometer is the biggest survey conducted within the Small and Medium manufacturing sector in the UK. It was revealed that half of those who were questioned for the survey suggested that they intend on investing in new capital equipment and pieces to technology going forward. In order to deal with the increased numbers of sales 46% of the businesses included in the study intend on increasing their workforce in order to cope with the expected rise.
It has been discussed a lot since June how Brexit would impact British businesses, and how it could affect British manufacturing. Therefore, the positive responses and results in the industry that has been revealed by The National Manufacturing Barometer are reassuring for the manufacturing industry.
The most recent results show that there has been a boost of 9% in the SMEs that have recorded an increased number of sales in comparison to last year. Also due to the fall in Sterling, there has been an increase in the number of exports made by the manufacturing industry.