Manufacturing News – Early November 2024
Estimated reading time 2 minutes
The UK manufacturing sector contracted in October, with output growth slowing and new orders declining, new figures released.
According to the S&P Global UK Manufacturing Purchasing Managers’ Index™ (PMI®), the UK manufacturing sector faced a lack of market optimism, slower economic growth, stretched supply chains and apprehension ahead of the Chancellor’s Autumn Statement, the details of which had not been announced when the October PMI survey was undertaken. These factors resulted in reduced intakes of new work and a near-stalling of output growth.
The seasonally adjusted S&P Global UK Manufacturing Purchasing Managers’ Index™ (PMI®) posted 49.9 in October, down from September’s reading of 51.5 and below the earlier flash estimate of 50.3. This is the first time the sector has fallen below
the neutral 50.0 mark—which signifies growth or decline—since April.
The owner of a tumble dryer factory near Bristol has confirmed its closure with the loss of at least 142 jobs.
Appliances firm Beko Europe told staff last month that its Hotpoint UK factory in Yate will close on December 31 after more than a century of manufacturing at the site on Station Road. A spokesperson from Beko Europe said all affected staff have been notified.
Nearly three quarters (73%) of SME manufacturers in the East Midlands are “crying out” for more Government funding to help them bridge the digital skills divide, according to a new report.
The study, produced by Oxford Innovation Advice, has revealed that 90% of companies are looking to “digitally upskill” their staff but are finding the biggest barriers to achieving this are cost and a lack of in-house knowledge.
Thomas Broadbent & Sons, advised by Interpath Advisory’s Debt Team, has secured a flexible, multi-million-pound asset-based lending facility from Independent Growth Finance (IGF).
The funding is strategically designed to support the firm’s ambitious growth plans and expansion into emerging markets.
