The UK manufacturing sector ended 2013 with another month of growth, according to the respected Markit/CIPS Purchasing Managers’ Index (PMI) scores.
December saw a score of 57.3, with figures above 50 indicating growth. This was down on 58.1 recorded in November but only just, despite the festive shutdown, where many manufacturing firms downed tools for more than a week, likely having an impact.
Markit indicated that the figures suggest the sector’s recovery remains “on track”, with senior economist Rob Dobson commenting: “UK manufacturing's strong upsurge continued at the end of 2013, with rates of growth in production and new orders still among the highest in the 22-year PMI survey history”.
It was also suggested that the sector had seen output grow by more than 1% in the final quarter alone, with 10,000-15,000 jobs being filled, contributing to an improving economic and labour market performance as a whole.
There was also an increase in export orders, with manufacturers seeing more and more demand from South America and Asia.
Business Finance for the New Year
With attentions now turning to 2014, now is the perfect time to prepare your external funding facility for the year ahead. But with many options available to manufacturing firms, it can seem like a minefield sourcing the most appropriate solution for your business.
Invoice finance is just one option, with invoice factoring and invoice discounting facilities both able to unlock funds that get tied up in unpaid invoices.
The benefits of invoice finance include the fact that the facility will grow in line with your own business growth, as the more invoices you issue, the more funds become available.
Why not see how invoice finance compares to a traditional banking facility, or alternatively contact us today for a free no-obligation quote.