Growth beats SME expectations

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Growth in revenue has beaten expectations for SMEs in Yorkshire and Humberside, according to new research.

Almost two thirds (65 per cent) of small to medium-sized firms in the region say business revenue has grown in the past 12 months. A year ago the figure stood at 43 per cent.

The figures are from the Close Brothers Business Barometer, a quarterly survey of SME owners and managers from a range of sectors across the UK.

Mike Randall, chief executive of Close Brothers Asset Finance said: “More than two fifths of the businesses we surveyed in Yorkshire and Humberside report up to 10 per cent growth in revenue, while just over half cite a jump of between 10 per cent to 20 per cent in the last year.”

The barometer also shows business confidence to be high, with 64 per cent of local SMEs optimistic about their growth prospects for the year ahead.

Some 49 per cent of respondents plan to invest in their business in the next 12 months, while 19 per cent say a lack of finance is holding them back.