Over half of the UK’s mid-cap businesses – those with turnovers of £25m to £500m – expect to increase turnover this year, a survey by the Department for Business Innovation and Skills finds.
The 58 per cent of mid caps saying revenues will grow this year is a slight improvement on the 54% who actually saw turnover increase in 2010.
In addition, 93% expect to be able to obtain the finance they need this year – a hearty boost in confidence after a difficult 2010 for businesses when dealing with the banks. Last year only 83% expected to obtain the funding they needed and during 2010 there was a nine per cent drop in those seeking external finance to 32%.
“Mid-caps are an essential aspect of our economy,” said Business Minister Mark Prisk. “It is pleasing to see they are recovering well from the recession and are facing fewer problems with access to finance.”
Mid-cap businesses employ 21 per cent of UK workers and contribute 20 per cent of total turnover.
The Manufacturer magazine profiles many successful and innovative mid-cap businesses every month. Click here for our company profiles section and email [email protected] if you’d like to feature your company.