The chemical and pharmaceutical industry, Britain’s number one manufacturing exporter, believes the next 12 months will continue to be a period of growth.
The industry’s trade body, the Chemical Industries Association, has reported on its latest quarterly survey of member companies. In the survey over 80% of members expect sales to grow or remain at current levels and to take on more staff, while 94% report spending plans on research & development will be maintained or increased. Almost 80% will continue or increase their capital expenditure.
Steve Elliott, Chief Executive of the Chemical Industries Association, said “The global economic outlook does of course remain very challenging but, once again, chemical and pharmaceutical businesses are showing that by getting on with the job and meeting customer demand there are opportunities for growth to be seized”. Acknowledging the fact that there has been a small fall in confidence since the last survey, he added “Even though we have seen some companies saying they will maintain rather than increase sales, I am pleased to see our sector fighting for an increased share of global business”.
This latest survey also sought views on supply chains. Elliott continued “Almost three quarters of our businesses want strong, local supply chains so they can source the raw materials that they need. The current position does however see an over-dependency on imported raw materials although the export performance of our UK-based businesses continues to be strong, both in terms of value and geographical spread”.
Chemical and pharmaceutical businesses also have a good record of collaborating on innovation. “I am pleased to see that in increasing numbers our companies are taking every opportunity to work with customers on innovating their products and processes. All of these factors are important in underpinning UK growth” concluded Elliott.
ENDS
Notes to Editors:
This is a quarterly survey of our member companies, conducted to gauge the view of business leaders on their outlook for the next 12 months.
A full analysis of the results is attached here
For an interview with Steve Elliott, please contact Simon Marsh on 07951 389197
The Chemical Industries Association www.cia.org.uk. Is the Trade Association and Employers Federation for Chemcial and Pharmaceutical businesses located throughout the UK