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Manufacturers look forward to growth

Nov 01 2010

Manufacturers hope to ramp up production in the coming months

Smaller manufacturers hope to ramp up production in the next three months as domestic demand is expected to strengthen.

According to the Confederation of British Industry (CBI) SME Trends Survey of 382 manufacturers, a balance of +31 per cent expect output to rise in the next quarter, compared with a balance of +9 per cent in the past three months.

Spending plans are bullish for the coming year, with firms planning to invest more in plant and machinery (a balance of +6 per cent) and product and process innovation (+10 per cent).

Furthermore, SME manufacturers have increased their headcount, with a balance of a +7 per cent rise across the sector.

While Russell Griggs, chairman of the CBI’s SME council, calls the rise in headcount and plans to invest ‘encouraging’, profit margins remain under pressure, with average unit costs rising strongly again during the quarter (+31 per cent).

However, few firms are passing on the costs to customers, with average domestic prices staying broadly flat (-1 per cent) for the third consecutive quarter.

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