Three-quarters of SMEs maintained or increased their turnover in 2014, research by LV has revealed.
The survey of nearly 800 SMEs found that 75% saw their profits rise or stay the same over the last 12 months.
More than 4 in 10 (41%) said their turnover increased during 2014 while 34% reported they had maintained 2013 profit levels.
The survey also revealed:
- 3.4% of total SME owners started their business during 2014
- 21% of SMEs hired more staff over the last 12 months
- 4% recruited their first employee.
Mike Crane, commercial lines director at LV= Broker, said:
“SMEs are the lifeblood of the British economy and it is great to see that so many have increased their turnover in the past year and taken on more staff.”