Majority of South East firms expect more successful 2023 – Lloyds Bank

A majority (57 per cent) of businesses in the South East are expecting more success in 2023 than they had in 2022, with 53 per cent expecting a higher turnover.

This is according to the most recent Lloyds Bank Business Barometer, a monthly survey of 1,200 UK companies (including 123 in the South East) from all industry sectors, regions and firm sizes with annual turnover above £250,000. Data for this month was collected between 1 and 14 December 2022.

One in seven (14 per cent) of respondents said they expect the same level of performance from their business in 2023, with 26 per cent claiming to be not confident they will be more successful.

In terms of turnover, 19 per cent expect an increase in their turnover of between 5 and 19 per cent, while 16 per cent expect an increase of more than 20 per cent.

Read more - UK’s economy set to shrink by 1.3 per cent in 2023 – KPMG

To drive this growth, 86 per cent of respondents said they were planning to invest in their company, with the funding used for developing the company (53 per cent), expanding into new markets (31 per cent) and increasing employee wages (30 per cent).

Firms also outlined their plans for the new year, with 41 per cent looking to grow revenue from their existing customer base, 37 per cent planning to closely watch the markets, 34 per cent aiming to improve productivity and 11 per cent investing in bonuses and short-term incentives.

Paul Evans, regional director for the South East at Lloyds Bank said: “It’s pleasing to see many South East businesses in optimistic mood as we approach 2023.  Firms clearly see growth among their existing client base as well as in new markets as achievable goals for 2023.

“The next year, of course, won’t be without its challenges, and businesses should be aware of the support on offer to maintain healthy cashflow and ensure they’re well placed to capitalise on any growth opportunities that come their way. We’ll continue to be by their side to offer this support and help South East businesses progress in 2023 on more stable footing.”

Read more - Future of Work podcast: the benefits of outdoor learning

Featured image: iStock