BRIGHTON, England, October 15, 2015 /PRNewswire/ --
UK manufacturers have made strong gains in recent years, but research from Close Brothers Invoice Finance suggests a dip in confidence in the near future.
Although the UK has officially emerged from the last recession and returned to reasonable levels of growth, the manufacturing sector has struggled to reach the output levels recorded prior to the financial crisis of 2008. Recent figures issued by the Office for National Statistics (ONS) show that manufacturing output fell by 0.8% in August 2015 when compared with the same month in 2014.
The latest Close Brothers Business Barometer has revealed late payment issues continue to cause concern with 30% of manufacturing businesses being owed in excess of £40,000. In addition, almost a third said late payments mean they have to "rein in necessary spending".
In response to these insights, Close Brothers Invoice Finance has launched a new industry report which explores the following issues:
- Falling demand overseas and lower confidence in the UK economy
- Low manufacturing output holding back business growth
- Pressures in the supply chain leading to significant late payment issues
- How manufacturers are meeting these challenges head-on
David Thomson, CEO of Close Brothers Invoice Finance said: "There appear to be a mixture of factors that the British manufacturing sector is currently faced with.
"China's prospects are a concern: official forecasts of the country's GDP growth were revised downwards over the summer, and this had a devastating impact on the Shanghai stock exchange as well as on share prices around the world.
"At present it is impossible to predict how these events will play out, but if recent results are a sign of things to come, company leaders will need to keep their eyes and ears to the ground."
To view the full report Make or break: manufacturers building for growth, but uncertain years ahead, click here
For more information on Close Brothers Invoice Finance visit http://www.closeinvoice.co.uk
Notes to Editors
All figures, unless otherwise stated, are from a GMI survey conducted in June 2015. The survey canvassed the opinion of over 700 SME owners and business managers from several industries across the UK and Ireland on a range of issues affecting their businesses.
About Close Brothers
Close Brothers Invoice Finance is an independent provider of invoice and asset based lending to both SMEs and large businesses throughout the UK, Ireland and Germany.
We are members of Close Brothers Group Plc. Close Brothers is a leading UK merchant banking group providing lending, deposit taking, wealth management services and securities trading. We employ 2,800 people, principally in the UK. Close Brothers Group plc is listed on the London Stock Exchange and is a member of the FTSE 250.
Please email [email protected] for the full manufacturing report.
Lauren Street, Close Brothers Invoice Finance
SOURCE Close Brothers Invoice Finance