Manufacturers ready to invest in new kit
21 Aug 2013
A government-funded survey of small and medium-sized manufacturers today revealed that half of the firms it spoke to were planning to invest in new machinery and premises.
The Manufacturing Advisory Service (MAS) has confirmed that of the 682 firms surveyed, half were planning to invest recent profit in new equipment and premises, a 12% rise on the same period last year.
The sector has seen predicted increases in areas of new manufacturing expenditure over the past four quarters and the MAS Barometer revealed that up to 40% of firms are indicating they will fund exploration into new technologies.
“Encouragingly, the latest Barometer provides the clearest indication yet that companies are prepared to invest in new machinery and their premises in a bid to remain competitive and take advantage of significant opportunities both at home and abroad,” said MAS area director David Caddle.
The Barometer provides the clearest indication yet that companies are prepared to invest in new machinery and premises
MAS area director David Caddle
This was backed up by 80% of companies surveyed reporting that investment in new products over the past 24 months had led to increased sales and profits.
“We are helping to encourage innovation in SMEs through our New Product Development programme, which provides support in developing, validating and bringing new ideas to market,” Caddle added.
