Bank of Scotland sponsors Henderson Loggie Report 2017/18
Bank of Scotland Commercial Banking has teamed up with Henderson Loggie, in association with MHA, to support their 2017/18 Manufacturing and Engineering Survey.
The MHA is an association of accountancy and business advisory firms who provide sector specific accountancy services and business advice. With manufacturing and engineering as a key sector for MHA, they assist both clients and the sector to promote manufacturing and engineering throughout Scotland.
Through the sponsorship, Bank of Scotland invited clients during July to complete the MHA survey as a barometer of SME manufacturing businesses. The survey results were published in September.
Dave Atkinson, UK Head of Manufacturing for Bank of Scotland, commented “Scotland’s manufacturing firms have flagged potential risks, such as the UK’s negotiations to leave the EU, rising production costs and staff shortage which will need to be closely managed.
“Nevertheless, they are also broadly optimistic, with 65% of them saying they expect to grow over the next year. The Bank of Scotland is committed to supporting manufacturers to help them realise their growth ambitions.
The manufacturing lead at Henderson Loggie, Gavin Black added:
“Scottish manufacturers are largely positive in their outlook and prospects for growth, and the sector is certainly gritting its teeth in what has been a difficult and uncertain period. However, we should not be complacent and the survey has found that despite the ambitions, growth is being constrained and companies in the sector continue to be under increasing pressure to cut costs, meet the rising prices of raw materials and embrace new technologies if they are to survive.
“The sector continues to have difficulty recruiting staff with the relevant skills, the pressure on which is likely to increase as some businesses are at risk of losing staff due to Brexit. It is encouraging that the businesses surveyed have ambitions to grow staff numbers over the next 12 months and continue to offer apprenticeships and grow talent from grass roots to try and fill the skills gap. The Scottish and UK Governments need to continue to support the sector and expand skills training for the future workforce in schools and colleges.”
To find out more about our commitment to Scottish manufacturing, speak to a relationship manager in your area.