A survey of UK manufacturing industry, conducted by Findlay Media in association with Deloitte the business advisory firm, has revealed that almost two-thirds of manufacturers (62%) expect the availability of credit to remain the same or improve in the coming 12 months.
The survey also found that the industry 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.
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David Raistrick, UK manufacturing industry leader at Deloitte, said: “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 survey highlights grant funding as one area where there is still some room for improvement. Whilst the majority of manufacturers have a good understanding of grants and other incentives, a significant minority remain in the dark. Almost one in five said they didn’t know where to look for information on grants, for example while another 19% haven’t yet considered grants as a source of funding.
