A warm welcome to our
Manufacturing Outlook Report
38%
see global factors as a barrier to growth to just 6% Brexit
The results that follow were collated from our annual survey, respondents across the UK manufacturing community gave us their views during the autumn of 2022, during a continued period of political and commercial uncertainty, which to a large extent, has continued into 2023.
Commercial outlook
Despite a backdrop of uncertainty, 60% of our respondents still expect their turnover to grow in 2023 (down from 74% predicted last year). While it is still encouraging, it does show a trend towards a period of reduced growth in the future.
22%
Energy costs are seen as the clear second largest barrier to growth whereas before they didn’t feature
2022 was the year when ‘COVID-19 related borrowings’ were no longer widely available, and the first full year when the lending needed to start to be paid back.
1/3
of businesses used internal resources to fund their business last year with all other funding sources reducing
81%
said government support for the sector is not adequate
Business growth will require increased working capital, in an environment when securing funding is already becoming, and will get even more, difficult and time consuming in the future
38%
of respondents expect to make an R&D claim this year, a massive 42% reduction
It is clear that to be globally competitive, let alone world beating, there will be a constant need to innovate; in terms of products, efficiencies and processes. Never before has there been a greater need for more innovative thinking and investment.
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Funding
Innovation and investment
66%
respondents had already invested in working towards carbon neutral