Business confidence within the regions of North Lincolnshire and Yorkshire has increased over the second half of 2012 according to research conducted by Bibby Financial Services. The Quarterly Index from the financial watchdog shows that 62% of SMEs within the region believe that their business is at least the same or better than it was during the same time period a year ago.
Another 25% of the SMEs responded that they are hopeful about the future direction that their business is heading towards with about 27% planning to start trading overseas soon. This is a marked improvement from the ten percent that planned to trade overseas during the first quarter of the year.
Despite the positive results of the survey, one out of every ten SMEs in the area still stated that things are rough for them and that they are barely making it through every business day as the recession is taking longer to recover from then was originally anticipated.
Bibby Financial Services track the turnover rates of its four thousand clients in the UK out of which there are 450 SME owners. They have tacked the performance of these companies since the economy first took a downturn back in 2007. Over the last three months 41 small business owners from the Yorkshire region were specifically interviewed about their trading conditions and how they felt about the future of the UK economy.
Nationally, data shows that the second quarter of 2012 showed a great deal of business growth and increased business activity with strong performances exhibited in particular by the construction and manufacturing sector followed closely behind by business, transport, and wholesale services. All sectors have been shown to be performing better than their pre-recession levels when the Business Factors Index was created.