NEW research has revealed almost three quarters of Scottish manufacturing businesses expect to grow between 3-10% in the next year.
A report released by MHA has found that, despite challenges around cyber security, tax increases, skills shortages, energy costs and regulation, most respondents to the UK-wide survey were optimistic.
The research looked at what business leaders believed should be the government’s top three priorities in its upcoming industrial strategy. 1,000 manufacturing business owners and C-suite were surveyed to understand the challenges and opportunities they currently face and what lies ahead over the next 12 months.
In Scotland, the view of 71 respondents showed the short-term outlook remained difficult, with political action sought in areas such as increasing supply chain options, investment in strengthened IT systems, and upskilling existing staff.
MHA is an accountancy and business advisory firm. Its Scottish offices are based in Edinburgh and Aberdeen. Manufacturing is one of the key sectors for Stuart MacPherson, audit and accounts director, based at MHA in Aberdeen.
He said, “The growth outlook figures are encouraging with 74.6% of respondents expecting to grow above inflation in the next 12 months. It suggests a degree of confidence despite the constant stream of uncertainties over recent years from Covid to the Russia/Ukraine conflict, resultant material price volatility and supply chain issues, and the recent US tariff announcements.”
