Yorkshire and Humberside SMEs set for increased turnover and growth in 2023

Yorkshire and Humberside SMEs are set for a boost with increased turnover and improved cashflow, new Paragon Bank research has found.

The research found that 47 per cent of Yorkshire and Humberside SMEs expected their Q1 2023 turnover to be higher than 12 months ago and a further 21 per cent predicting it will remain steady.

Carried out by Opinium, the research also found that cashflow is also set to improve for a third of Yorkshire and Humberside SMEs during 2023, with 29 per cent predicting increases between Q1 and Q2, with almost half (47 per cent) of those surveyed expecting to cashflow to stay at current levels.

Anticipated improvements to cashflow and turnover has led to optimism for the year ahead, with 39 per cent of Yorkshire and Humberside SMEs confident about the future and 45 per cent of firms predicting they will maintain their current success.

Confidence in their own business is also greater than that for the UK economy as a whole. Of those surveyed, only 26 per cent of Yorkshire and Humberside SMEs expressed confidence on how the economy will perform, but this increased to 50 per cent when considering the sector in which they operate.

The optimism of Yorkshire and Humberside SMEs in their businesses is matched by planned investment in their operations, including:

While the research findings identify both the optimism and resilience of SMEs it also identified the challenges presented by the high inflationary environment of 2022 with increases to:

Ashley Butterfield, Paragon Bank SME lending regional director, commented: “After a challenging year for the UK economy, Yorkshire and Humberside SMEs are demonstrating both resilience and optimism for the year ahead.

“With predications for businesses to either grow or maintain current turnover and cashflow, SMEs are well placed to play a key role in our national economic recovery. For SMEs to fulfil their growth ambitions it is vital that they are able to access the financing necessary to support them in the years ahead.

“Thanks to our specialist team in the region, Paragon is ideally placed to support these ambitions and is ready to work with businesses to develop bespoke financing solutions that will help power their growth and our region into a bright future.”

By Matthew Neville – Senior Correspondent, Bdaily

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