Get in touch: send your photos, videos, news & views by texting YORK to 80360 or send an email»
Businesses preparing to embrace investment
11:36am Friday 30th August 2013 in Business news
THE region's manufacturing industry is set to embrace investment and expenditure according to the latest Manufacturing Advisory Service Barometer.
Almost half of Yorkshire and Humber manufacturing SMEs questionned expect to spend more on new machinery and premises over the next six months, with the 48 per cent figure showing a seven per cent rise on the same period in 2012.
The survey revealed 36 per cent of firms are looking to fund activity in new technologies, while 62 per cent of SME manufacturers reported an increase in sales in the first half of the year.
A record high was also set with 70 per cent predicting further growth over the next six months. The second MAS Barometer of 2013 collected responses from 81 manufacturing SMEs from April to June this year.
Pickering-based Ryetools was one of the firms questioned and reflects the general predictions for future growth.
The company, a specialist injection mould toolmaker, has seen a 15 per cent growth in annual sales after fulfilling increased demand from the food packaging and medical sectors.
Managing director Darren Hugill said: "We're certainly seeing a lot more opportunities and it does feel like more work is returning back to the UK.
"Investment has always been a major part of our business strategy. Six years ago we moved into our purpose built state-of-the-art plant in Pickering and plans are already in place to add an additional 7,500 sq ft building next to it."
Ryetools, which also operates in the automotive, aerospace and oil and gas markets, has invested heavily in its workforce, increasing it from 20 to 24 in the last year.
Comments are closed on this article.