Yorkshire manufacturers continue to perform strongly, a survey has revealed.
Research by insolvency body R3 shows Yorkshire was the top-performing region with just 17.2% of manufacturing firms in the region having a higher than normal risk of insolvency – the smallest proportion of any of the 11 regions surveyed in England, Wales, Scotland and Northern Ireland.
The East Midlands and Northern Ireland also put in strong performances with a 17.9% higher than normal risk while the poorest performances in the sector were in London at 25.8% and the South East at 21%.
Yorkshire also saw a fall of more than 1% in the proportion of high risk businesses in the sector since the previous month – with 356 firms identified as being at higher than normal risk in November out of 11,577 active manufacturing companies in the region.
Chris Wood, Yorkshire R3 committee member and partner at Cleckhaton-based Clough Corporate Solutions, said: “Despite concerns that growth in manufacturing is slowing, the sector appears to be fairly resilient across the country and it is encouraging to see Yorkshire putting in the top performance in the UK last month, which bodes well for employment in the region.
“While problems in the eurozone have slowed export orders, strong domestic demand has continued to benefit the sector, although with output not yet back to pre-recessionary levels, it is vital that manufacturers continue to keep a close eye on cash flow and seek expert advice at the first signs of trouble.”
