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Post Brexit data from the Manufacturing & Engineering Sector
Sponsored by Lloyds Bank and conducted by the MHA here are the key findings from this year's survey of over 560 mostly SME businesses:
86% planning capital investment in the next 12 months
47% looking to increase their spend from last year
12% planning for a considerable increase in the next 12 months
69% predicting growth over the next 12 months
65% of respondents export
88% invest a percentage of turnover in R&D
74% don't understand the principles of 'Industry 4.0'
68% believe their main competitors are UK based
47% expect to increase staff numbers in 2016/17
57% intending to take on apprentices or trainees
59% need to recruit production staff
41% indicated they have trouble recruiting skilled machinists / technicians
Where recruitment is a barrier to growth:
31% favoured adopting lean manufacturing strategies
23% favoured automation or further automation as a coping strategy
71% took the view they could not pass on any increased costs to customers.
Improved productivity and efficiency is the strategy which most companies deploy in order to absorb price increases (49%)
Source: Manufacturing and Engineering Annual Report
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