Post-Brexit growth for building services engineering sector
Industry survey shows an overall turnover growth for the building services engineering sector in Q3
The Electrical Contractors’ Association (ECA) has announced that up to 80% of building and electrical services engineering firms in the UK recorded a turnover growth in the third quarter of 2016, despite the British public voting to leave the European Union during this time period.
The third quarter of 2016 (1 July – 30 September) was a successful one for firms involved in the electrical and building services engineering sector, which includes air-conditioning manufacturers, suppliers, and installers.
This is according to figures obtained by the ECA, which indicate modest post-brexit turnover growth, despite the general negativity surrounding the decision to leave the EU.
Up to 80% of firms involved in some aspect of the industry recorded a turnover increase in Q3 compared to the previous quarter, including small contracting businesses, medium-sized firms and larger companies.
Unfortunately, despite the general success throughout the sector, many micro-enterprises with a turnover of less than £200,000, recorded a small turnover fall in Q3.
The forecasts for the final quarter of 2016 remain largely positive, although many firms are expecting less growth going forward, with only 31% of businesses projecting a turnover increase in Q4, compared to 42% which expected an increase in Q3.
On a less positive note, the ECA said that more firms were experiencing price increases for industry equipment and materials, which could effect overall profits in the final quarter of this year and heading into 2017.
The CEO of the ECA, Steve Bratt, commented: “This ECA survey shows that electrical and building services firms remain broadly confident about their economic prospects, but we should remember that our sector feels any positive or negative effects later than many others in the supply chain.”
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