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A survey of UK manufacturers has revealed that almost two-thirds of
manufacturers expect the availability of credit to remain the same or improve in
the coming 12 months.
The sector is also responding positively to the economic challenges by making
use of available public sector funding, with 63% declaring a good understanding
of available grants and incentives whilst 33% of manufacturers have sought
capital from alternative sources such as shareholders or parent companies.
David Raistrick, UK manufacturing industry leader at Deloitte, commented: “The
overriding message from this report is that while the market is tough,
manufacturers have been resilient in their response.
"The easing of available credit is very welcome, but there are no signs of
complacency with manufacturers seeking other appropriate sources of finance
where necessary.
"Manufacturers have also proactively sought to limit their exposure to bad debt,
with 65% increasing the frequency of customer credit checks over the past 12
months.
“The fact that almost 40% of manufacturers said they either didn’t know where to
find information on available grant funding, or had not considered it as a
source of finance, suggests that some manufacturers are losing out on additional
funding.
“This shows the appetite for investment from the industry so we would encourage
all manufacturers to take advantage of the funding available to them.
"This will be important as manufacturing emerges from the recession and looks to
a future which will require investment in R&D, training and retraining and
capital expenditure on new plant and machinery."
Source: Credit
Control Journal
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