East Anglian manufacturing sector buoyant and confident about future growth
Chartered Accountants, Larking Gowen share the latest MHA Manufacturing and Engineering Report confirms small and medium-sized enterprise (SME) manufacturers in the East Anglian region remain optimistic and confident about future growth.
The latest MHA Manufacturing and Engineering Report confirms small and medium-sized enterprise (SME) manufacturers in the East Anglian region remain optimistic and confident about future growth, despite the uncertainty surrounding Brexit, rising production costs and skill shortages.
The report, released on Tuesday 6 February, details the national findings, covering England, Wales and Scotland and also highlights interesting regional variations. Sector expert Matt Rooney, Engineering Policy Adviser at the Institution of Mechanical Engineers, has provided commentary throughout the report.
All of the respondents in East Anglia were SMEs with less than 250 employees with a turnover range of under £1 million to £20 million and operated in a wide range of manufacturing sub-sectors. Optimism is high in this region, with over 73% of businesses expecting revenue growth in the next 12 months. Investment in R&D is also high, with 73% of businesses spending a percentage of their turnover, although this is lower than the national average. It is therefore surprising that 36% of respondents will not be making a claim for R&D tax credits in the next 12 months. It is promising to see a commitment to further investment in the sector, as 36% suggested that their level of capital spend would increase.
Given the recent increase in the annual investment allowance to £1 million for two years from 1 January 2019, it will be interesting to see the level of capital spend in the next two years in the region.
You can download a copy of the full report here.
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