Last week we reported that conditions in the UK manufacturing sector have improved significantly, with growth of output, new orders and employment all stronger*.
These findings are further supported this week by a Business Trends Report and the British Chambers of Commerce (BCC) results, where manufacturers are seeing an improvement in sales on the previous three months in the UK and overseas, partly driven by the fall in sterling.
According to the BCC, the balance of manufacturers reporting improved export sales rose to 17 per cent from a balance of 9 per cent in the previous three months, while the balance of manufacturers reporting increased domestic sales rose to 13 per cent, up from 9 per cent.
With manufacturers showing signs of expansion and optimism at the highest level in more than a year, it is important that business owners look now at ways of capitalising on the upturn.
Our Beavis Morgan manufacturing sector specialists are available to assist with business growth and optimisation. What’s more, if your business is undertaking research and development, such as on-going enhancement of existing products or services, you may qualify for cashback through the government R&D tax credit scheme. But don’t delay; with a two-year window to take advantage of these valuable tax relief opportunities, time may be running out for some!