East Midlands firms' growth expectations merry and bright for 2025
Added by Love Business East Midlands | 30 December 2024
UPDATED: 2 January 2025
More East Midlands businesses are expecting turnover and profitability growth in 2025 than they did entering 2024, new research from Lloyds’ Business Barometer reveals.
More than three fifths of firms (62%) expect to see their turnover increase in the year ahead, up from 57% polled in December 2023. One in six (17%) of these expect to see their revenue rise by between six and 10% over the next 12 months, with a quarter (25%) expecting it to grow by even more.
Meanwhile 71% of businesses are confident they will be more profitable in 2025. This compares to 67% who said the same last year.
While general revenue and profitability growth is firms’ top priority at 51%, 34% said they will be targeting upskilling their staff and 32% said improving their productivity. A fifth (20%) will be aiming to enhance their technology – such as automation or AI – while a similar proportion (19%) want to improve their environmental sustainability.
To support their goals, more than a quarter (28%) will be investing in increased wages for employees, while 22% plan to hire more staff and 19% plan to invest in sustainability measures.
The Business Barometer, which surveys 1,200 businesses monthly and which has been running since 2002, provides early signals about UK economic trends both regionally and nationwide.
Dave Atkinson, regional director for the East Midlands at Lloyds, said:
“It’s great to see greater optimism from East Midlands businesses for both turnover and profitability growth as we approach the new year.
“As businesses move forward with their plans – from investing in people, to targeting improved productivity – we’ll remain by their side with our support to help them realise their ambitions.”
