Manufacturing sector "ready to bounce back", says Cooper

By MHA

05 Jun 2024

Website
Ginni Cooper - web landscape.jpg.jpg

The region’s manufacturing sector is ready to bounce back strongly, but more action is needed to get businesses investing for long-term growth.

That’s according to manufacturing sector advisor Ginni Cooper who was commenting as the latest data shows the UK manufacturing sector returned to growth in May, with output expanding at the quickest pace in over two years.

The S&P Global UK Manufacturing Purchasing Managers’ Index (PMI) rose to 51.2 in May, up from 49.1 in April, its highest reading since July 2022. Positive sentiment rose to its highest level since early-2022, with 63% of companies expecting output to expand over the coming year.

Ginni Cooper, partner at Lancashire accountancy and advisory firm MHA, said: “Manufacturing PMI has held above 50 for two out of the last three months which means the sector is heading in the right direction.

“However, ongoing concerns about high interest rates are stifling the flow of money into our manufacturing clients and the continued uncertainty around when UK interest rates might be cut means that businesses remain reluctant to invest.

“After some of the challenges of the last few years, the announcement of the general election and the relatively short period of campaigning is welcome news for the manufacturing sector, as after 5 July there will be some certainty at last for business, whichever party is in power.

Ginni, who advises manufacturing and engineering companies across the region, added: “The manufacturing industry is looking to the next government to introduce a long-term industrial strategy to drive growth, which is critical to reenergise the sector.

“Any plans will need to look at investing in skills as well as infrastructure which will allow manufacturing businesses to be proactive and look forward to the future rather than just being reactive.”

Enjoyed this? Read more from MHA

Latest news

1

Wain Homes agrees partnership to complete development site in Blackburn Wain Homes site

Wain Homes agrees partnership to complete development site in Blackburn

27 Jan 2025

2

Panthera celebrate 5th anniversary at clinical research clinic

Panthera celebrate 5th anniversary at clinical research clinic

27 Jan 2025

3

Barnfield Construction transitions to an Employee-Owned Business Staff Cheer Photo.jpg.jpg

Barnfield Construction transitions to an Employee-Owned Business

24 Jan 2025

4

Wallsauce looks to grow B2B customer base with increased trade focus Martin Emmott Rosebud and Andy Gerraty Wallsauce

Wallsauce looks to grow B2B customer base with increased trade focus

24 Jan 2025

5

CBP goes into administration Community and Business Partners in Blackburn with doors shut

CBP goes into administration

23 Jan 2025

Background image for hub sign up block

LBV Hub

Leverage Lancashire Business View platforms

Post your news
Post your events
Post your offers
Build your network
Improve your SEO
Gain coverage in the magazine
Sign-up
Events
The Lancashire Festival of Business
FOB 315
Exhibitions
30 Jan 2025

The Lancashire Festival of Business

Impact Conferencing, Burnley, BB12 6QP

09:30 - 16:00

Skills Bootcamp in Procurement - Cohort 3
Blue-Modern-Land-Travel-Youtube-Thumbnail-2-1024x576.png.png
LBV Hub Awards
14 Jan 2025 - 18 Mar 2025

Skills Bootcamp in Procurement - Cohort 3

Community & Business Partners CIC, Blackburn, BB2 3UA

09:30 - 13:00

The Marketing Meetup IRL: Lancashire
LBV Hub Event Image.png.png
LBV Hub Networking
30 Jan 2025 - 30 Jan 2025

The Marketing Meetup IRL: Lancashire

Strawberry Fields Digital Hub, Chorley, PR7 1PS

18:00 - 20:00

February Preston Tech Connection Meet-Up: Tech & Our Planet
PRESTON TECH CONNECTION jan.ai.png.png
LBV Hub Networking
12 Feb 2025 - 12 Feb 2025

February Preston Tech Connection Meet-Up: Tech & Our Planet

Society1 Coworking Space, Preston, PR1 3LT

18:00 - 19:30

Police Apprenticeship event
Student Centre Autumn 2022.jpg.jpg
LBV Hub Social
12 Feb 2025 - 12 Jan 2025

Police Apprenticeship event

University of Central Lancashire, Foster Social Space , Preston , PR1 2HE

16:00 - 19:00

Amber River True Bearing Quarterly Investment Seminar
LBV Hub Seminars
13 Feb 2025

Amber River True Bearing Quarterly Investment Seminar

Mercure Blackburn Dunkenhalgh Hotel & Spa, Blackburn Rd, Clayton-le-Moors, Blackburn, Lancashire, BB5 5JP

16:00 - 18:00

The Business Network Central & East Lancashire
LBV Hub Networking
13 Feb 2025 - 13 Feb 2025

The Business Network Central & East Lancashire

Mytton Fold, Langho, BB6 8AB

11:30 - 14:15

Sub36 Networking - Behind the beans
Sub36 Social1200Atkinsons New
Networking
14 Feb 2025

Sub36 Networking - Behind the beans

Atkinsons Speciality Coffee, Lancaster, LA1 1 EX

09:00 - 11:30

National Apprenticeship Week 2025 Celebration - Business Breakfast Showcase
Student Centre Autumn 2022.jpg.jpg
LBV Hub Networking
14 Feb 2025 - 14 Jan 2025

National Apprenticeship Week 2025 Celebration - Business Breakfast Showcase

Media Factory , Preston, PR1 2HE

08:00 - 10:00

CMI Level 5 Project Management Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Project Management Course

Preston Campus, Preston, PR1 2HE

08:00 - 17:00

CMI Level 5 Management and Leadership Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Management and Leadership Course

Preston Campus, Preston , PR1 2HE

09:00 - 17:00

Employment Law, Tax and Payroll Update - East Lancashire
Employment updates - LinkedIn East Lancs-01.png.png
LBV Hub Seminars
26 Feb 2025 - 26 Feb 2025

Employment Law, Tax and Payroll Update - East Lancashire

Accrington Stanley Football Club, Accrington, BB5 5BX

08:00 - 10:00

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more LBV120 Online Graphic 1
Subscribe now

Weekly news bulletin