Scotland's Business Outperforms UK Average in Lloyds TSB Survey

Strategic Insights -

A new survey by Lloyds TSB Commercial Scotland has found that Scottish businesses are outperforming many other parts of the UK in terms of orders, prices, and investment. The survey, which includes Scotland for the first time, compared Scottish businesses favorably to the national average. Forty-two percent of Scotland's businesses reported an increase in orders, compared to the national average of 41 percent, with 22 percent able to raise prices and 20 percent forced to lower them.

Key Takeaways:

  • Scottish businesses are outperforming the national average in terms of orders, with 42% reporting an increase compared to 41% nationally.
  • 22% of Scottish businesses have raised prices, whereas more businesses nationally have cut prices.
  • 25% of Scottish businesses intend to increase prices in the next six months, compared to 20% nationally.
  • Scottish firms are more confident than much of the rest of Britain about orders, sales, and profitability over the next six months.
  • 24% of Scottish firms have experienced cash flow problems, 5% higher than the national average.
  • 40% of Scottish businesses report a downturn in profits, 3% higher than the national average.
  • More Scottish firms (36%) increased investment in the last six months than decreased it (19%), with the same numbers planning to increase and decrease investment in the final six months.
  • 29% of Scottish businesses plan to hire more staff in the next six months, compared to 15% who plan to lower staffing levels.
  • 47% of Scottish businesses reported an increase in turnover, with 27% reporting a decrease.

Statistics:

  • 42% of Scottish businesses reported an increase in orders.
  • 41% of businesses nationally reported an increase in orders.
  • 22% of Scottish businesses raised prices, while an unknown percentage nationally cut prices.
  • 25% of Scottish businesses plan to increase prices in the next six months.
  • 20% of businesses nationally plan to increase prices in the next six months.
  • 24% of Scottish firms experienced cash flow problems, 5% higher than the national average.
  • 40% of Scottish businesses report a downturn in profits, 3% higher than the national average.
  • 36% of Scottish firms increased investment in the last six months, while 19% decreased investment.
  • 29% of Scottish businesses plan to hire more staff in the next six months.
  • 15% of Scottish businesses plan to lower staffing levels.

Sources:

  • Business in Britain survey of middle-market companies by Lloyds TSB Commercial Scotland.
  • The Scotsman.