Member Article

North East entrepreneurs report increase in employment, sales and profits in Q3

North East entrepreneurs are reporting increased employment, sales and profits from the third quarter of 2014, according to the latest Entrepreneurs’ Forum Business Tracker Survey, covering the third quarter of 2014.

Compared with the figures for the same quarter in 2013, entrepreneurs noted an increase in sales, profits, employment, wages, prices and spending.

The survey is conducted and compiled by leading research specialist Acritas.

63% of those asked reported an increase in overall sales, while 18% said levels had remained the same.

While 41% saw an increase in export sales, and 53% reports increased profit.

47% of North East entrepreneurs reported an increase in employment, with 42% saying levels had not changed.

As for capital expenditure, an increase was reported by 46%, and 45% said levels had remained as they were.

Looking forward to the fourth quarter, optimism remains high, with 70% of respondents expecting overall sales to rise, and 85% believing actual profits will increase or be maintained.

Finding and recruiting quality staff remained the number one barrier to growth identified by respondents, followed by sales and red tape.

However, confidence in the economy was seen to be at its lowest level since quarter one of 2013, with only 37% of members who responded saying they were more confident than three months previously.

Likewise, confidence in their own business was also down among some members, with those stating they were less confident in their own enterprise rising from 3% in quarter two to 8% in quarter three.

Nigel Mills, chairman of the Entrepreneurs’ Forum, said: “The outlook amongst entrepreneurs in the North East is still high, as you would expect from a group of individuals whose positivity and enthusiasm is a driving force for the economy.

“In a quarter which included such anomalies as the Scottish independence referendum, and with a General Election on the horizon, it is to be expected that there is a slight ebb in confidence among others, but it is important to note that 87% of respondents said they were as confident in the economy or more so than previously, reflected by 92% when asked about their own businesses.

“The main challenges remain the same, in that recruitment is far and away the greatest barrier faced by our members. These are strong businesses, which are looking to grow, but that growth must be based upon bringing in people of quality, as well as quantity.”

This was posted in Bdaily's Members' News section by Ellen Forster .