1:01 AM 30th December 2024
business
North West Businesses’ Growth Expectations Merry And Bright For 2025
More North West businesses are expecting turnover and profitability growth in 2025 than they did entering 2024, new research from Lloyds’ Business Barometer reveals.
More than three quarters (76%) of firms expect to see their turnover increase in the year ahead, up from 60% polled in December 2023. Nearly one in six (16%) of these expect to see their revenue rise by between six and 10% over the next 12 months, with more than a quarter (28%) expecting it to grow by even more.
Meanwhile 79% of businesses are confident they will be more profitable in 2025. This compares to 66% who said the same last year.
While general revenue and profitability growth is firms’ top priority at 52%, 41% said they will be targeting improved productivity, and 38% said upskilling their staff. Nearly one in ten (9%) will be aiming to enhance their technology – such as automation or AI – while a fifth (20%) want to improve their environmental sustainability.
To support their goals, 30% will be investing in staff training, while just over a fifth (21%) will be investing in increasing wages for employees. A further fifth (20%) will be investing in energy efficiency measures.
The Business Barometer, which surveys 1,200 businesses monthly and which has been running since 2002, provides early signals about UK economic trends both regionally and nationwide.
Jenny France, area director inthe North West at Lloyds, said:
“It’s hugely encouraging that North West businesses are entering 2025 with such widespread positive expectations for growth. And it’s great to see their staff at the heart of their plans through planned investment in training – something that can deliver long term benefits for all involved, and strengthen the North West economy as a whole.
“Whatever firm’s plans are for next year, we’ll continue to be by their side with our on-the-ground support to help make their ambitions a reality.”