Audit, tax and consulting firm RSM has indicated that manufacturers across the South East are missing out on the chance to unlock up to 6% of turnover as a cash injection by improving their working-capital practice.
The survey analysed a range of working-capital metrics from 75 UK-based manufacturing companies and reaffirmed previous findings that inventory is the key driver of working capital. Sales and purchases data, however, mirrored last year’s figures, which shows that the sector continues to miss cash-release opportunities through embedding working capital management.
Zoë Rudling, a partner at RSM, said: “The recent Brexit vote has added to the challenges facing the manufacturing sector. Many businesses need to access cash to invest in new technologies, skilled workers, energy reduction or international growth plans, and unlocking capital is key to this investment. Although banks are becoming keener to lend, manufacturers should look closer to home and consider how to access much-needed cash from their own resources.”
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