Almost three quarters of SME manufacturers are planning to invest in technology, premises or machinery in the next 6 months, a report by the Manufacturing Advisory Service (MAS) has found.
The survey of more than 850 SME manufacturers found that 69% expect to increase their capital investments in 2015 in a bid to increase business productivity.
More than half (57%) said they have already boosted their productivity over the last 6 months.
The survey also found:
- 55% of firms reported increasing sales
- 67% predicted increased sales by the end of Q1 2015
- 95% expect to either maintain or increase their staff numbers over the next 6 months
- 8 in 10 said they need to make their business more efficient in order to stay competitive.
Steven Barr, head of the MAS, said:
“Our Barometer shows that manufacturers are already responding to recent observations by the Bank of England that productivity needs to be raised.
“It is also reassuring that it’s not just the large manufacturers who understand what makes them competitive. Our small and medium firms have also recognised the importance of continually improving productivity.”