Member Article

High tech manufacturing sector shows optimism

The UK high tech manufacturing sector holds a positive outlook for 2012, a new survey suggests.

71% of the 362 high tech firms surveyed in the GE High Tech Index believed their business would grow in the year ahead, and 45% felt they would achieve growth above 5%.

Although business optimism was slightly down from June 2011, 73% of respondents were positive about current trading.

Respondents felt the current Eurozone situation could provide UK high tech manufacturers with opportunities as 30% said that the UK had generally become more competitive than other major European economies.

Many reported they were busy or operating almost at full capacity, reflecting the health of the sector.

46% of respondents were planning to grow their workforce over the next 12 months, citing improvement in demand from emerging markets, internal improvements in products and services and changes to the business environment as reasons for growth.

Mark Elborne, GE UK CEO, said: “ These figures demonstrate UK high tech manufacturing can play a pivotal role in turning round the UK’s economy.

“It is extremely encouraging to see a good proportion of these firms are expecting significant growth in the next 12 months.

“However we need to ensure the conditions are right to help them to grow. Access to finance is important but ensuring the UK is developing the right skills base and encouraging an atmosphere of innovation and collaborative thinking is important.”

This was posted in Bdaily's Members' News section by Tom Keighley .