British manufacturing businesses are anticipating strong profit growth over the next six months, a new study has revealed.
The news comes at a time when IHS Markit’s regularly-published Purchasing Managers’ Index (PMI) trackers continue to show that export orders remain strong.
The group’s most recent PMI, which was published at the beginning of March, suggests that that new export activity for the UK manufacturing industry rose for the 22nd consecutive month in February.
Since then, separate research from manufacturing consultants SWMAS, a subsidiary of Exelin Group, has revealed that more than three quarters (72 per cent) of UK manufacturers are anticipating strong sales growth over the next six months.
Meanwhile, 59 per cent of small and medium-sized enterprises (SMEs) active in the sector are eyeing up increased profits, while 48 per cent are expecting to have to recruit new staff this year as they continue to expand their operations.
The survey found that 70 per cent of manufacturing sector SMEs quizzed as part of the survey were feeling confident about productivity, while 56 per cent felt that they would have no trouble achieving their growth targets this year.
It also indicated that almost half (45 per cent) of manufacturers had enjoyed a boost in their profits throughout 2017 – a trend which many are hoping to replicate well into 2018.