Taking the pulse of over 400 manufacturing SMEs across England, including those supported by our Manufacturing Growth Programme, showed that whilst many businesses are still facing challenges because of the COVID-19 pandemic, for others, the marketplace has picked up slightly over recent months.
The majority of respondents reported a reduction in profits between April and September, but over a quarter of companies actually saw an increase throughout this period. Future investment predictions are also more positive than they have been since the COVID-19 crisis began, and show a resilience amongst SME manufacturers, but this report indicates that the manufacturing sector is not yet back to its pre-pandemic position.
Despite some positive predictions for the coming six months, it is clear that the SME manufacturing sector is still working its way through current economic challenges, and it will be interesting to
see, in next quarter’s Barometer report, how the second national lockdown impacts the sector further.