The UK high tech manufacturing sector remains positive about prospects for 2012 according to a new survey.
Of the 362 high tech manufacturers questioned for the GE High Tech Index in November/ December 2011, 71 per cent said they believed their business would grow in 2012. A total of 45 per cent felt they would achieve growth of over five per cent and over a quarter said they would achieve growth rates of more than 10 per cent.
UK high tech manufacturers, who use a high level of design or scientific skills to produce technologically complex products and processes, remain positive about current trading conditions with 73 per cent saying they are positive about current trading, while 29 per cent very positive and 44 per cent fairly positive.
Respondents felt the Eurozone situation could provide opportunities. Twenty eight per cent felt the UK had become more competitive than other major European economies in recent times while 30 per cent felt the UK had become more competitive against other major European economies in the last 12 months.
Forty six per cent said they were planning to increase staffing levels over the next 12 months. Reasons for growth were improvement in demand from emerging markets, internal improvements in products and services and changes to the business environment such as low interest rates and favourable exchange rate. Two key challenges were identified as access to finance and energy costs.
GE UK CEO Mark Elborne said: “These figures demonstrate UK high tech manufacturing is still a growth story and can play a pivotal role in turning round the UK’s economy.
