Growth prospects amongst English manufacturing SMEs are at a 12-month high, according to the latest Manufacturing Advisory Service Barometer.
Nearly two thirds (64%) of companies questioned are expecting to increase sales over the next six months.
There was equally positive news on recent performance, with 47% of the 700 firms who responded reporting a rise in sales turnover (+4% on the previous quarter), whilst 93% of manufacturers are looking to take staff on or keep workforce levels the same.
Appetite for investment has also seen an upturn, with 39% planning to boost spending on new technologies and 48% intending to invest in new machinery and premises – both 4% up on the same period last year.
This overwhelming optimism is present despite a host of on-going barriers causing SME manufacturers to turn down new opportunities.
In response to the Barometer’s special focus, more than half of firms (52%) quoted poor profit margins as the main issue, followed by an inability to meet lead times (30%) and design specification (18%).