Santander Corporate & Commercial and The Manufacturer magazine have joined forces in a bid to drive the continued growth of the UK manufacturing sector.
The latest PMI data released in the month of June showed UK manufacturing output expanding at its fastest pace in seven months. In the report from market research group Markit, the national manufacturing PMI was measured at 57.5, rising from May’s reading of 57.0.
The outcome has defied analysts, who predicted the index to dip to 56.8 in June, and signals manufacturing expansion for the sixteenth consecutive month.
These results, coupled with a myriad of similar statistics coming from industry and government bodies such as EEF and the Department for Business Industry and Skills, have been welcomed by Santander, which has expressed its commitment to the burgeoning sector by coming on board as corporate sponsor for The Manufacturer’s highly-regarded Future Factory Series of events.
The Future Factory Series addresses key issues and opportunities facing the manufacturing sector including workforce and skills, the push for automation, export opportunities, 3D printing and additive manufacturing, energy and sustainability, and more.
Santander Corporate & Commercial head of manufacturing, Charles Garfit said the events were an ideal way to get closer to understanding the opportunities and challenges faced by the leading-edge businesses involved in the events and the wider manufacturing community.
The company has also recently developed a new combination of finance products, which leverage invoice and supplier payments to improve access to working capital for SMEs in the sector.
“The manufacturing sector has undergone a strong recovery since the start of the financial crisis and we are seeing this confidence and growth story reflected in the expansion plans of our UK manufacturing customers, who are looking to grow both at home and overseas,” he said. “I’m confident that we will continue to see this upward trend with the support of initiatives like the Future Factories Series.
“It is about getting in front of manufacturers in a face to face approach and understanding and helping address the key challenges the sector faces in its drive for growth.”
The Manufacturer’s managing director, Henry Anson said the role of banks such as Santander in supporting the small to medium sized enterprise manufacturing sector in particular was “absolutely vital”, yet also often misunderstood.
“The Manufacturer is delighted that a major international bank like Santander is supporting the Future Factory Series, demonstrating itscommitment to helping manufacturers understand and overcome the major issues facing the sector at this fascinating point in the industry’s existence.”