Northamptonshire businesses are strongly focused on growth with the majority expecting to increase turnover and profits, create more jobs and make significant capital investment during the next 12 months, according to a new confidence poll from business and financial advisers Grant Thornton.
The survey of more than 100 local business leaders was carried out at the 2015 Northamptonshire Limited event, when the results of Grant Thornton’s annual in-depth analysis of the performance of the county’s top 100 businesses were announced showing the local economy has grown at more than
Northamptonshire businesses are strongly focused on growth with the majority expecting to increase turnover and profits, create more jobs and make significant capital investment during the next 12 months, according to a new confidence poll from business and financial advisers Grant Thornton.
The survey of more than 100 local business leaders was carried out at the 2015 Northamptonshire Limited event, when the results of Grant Thornton’s annual in-depth analysis of the performance of the county’s top 100 businesses were announced showing the local economy has grown at more than twice the rate of the UK economy as a whole.
In line with the Northamptonshire Limited 2015 findings, the confidence poll revealed that more than half (57%) of Northamptonshire businesses expect to increase turnover by more than 5% over the coming year, with 27% forecasting growth of more than 10%.
A further 63% of businesses polled anticipate profit growth will be higher than turnover during the next year and a further 44% said they expect to reinvest this profit into their business through working capital and fixed assets.
The confidence poll also revealed that 28% of companies surveyed expect to invest in new and existing staff through recruitment and pay rises, with the majority (71%) aiming to increase pay by an average of 1% and 20% planning to award rises of over 3%.
Commenting on the confidence poll results, Mike Hughes of Grant Thornton said: “Our poll paints a picture of an optimistic business community very much focused on growth in the year ahead. Profit improvement will create opportunities for investment and job creation. Whilst competition is fierce, privately owned Northamptonshire businesses are well placed to deal with the challenges that lie ahead and continue to outperform the wider economy.
On a less optimistic note, 52% of businesses questioned stated that the greatest constraint to business growth was the availability of skilled staff – a challenge that was also reflected in the Northamptonshire Limited report.
Mike added: “As businesses grow so does the demand for skilled people who in turn have increased expectations in terms of wages and employment conditions. Winning the battle for talent is going to be an increasing issue for local companies if they are going to secure the right people to take their business forward.”
The Northamptonshire Limited study analyses details such as operating profit and employment figures, including a breakdown of the financial data by sector. The top 100 companies are selected based on the postcode of their trading address and turnover levels.
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