manufacturing barometer report (q4)...manufacturing barometer report (q4) january – march 2015...

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Manufacturing Barometer Report (Q4)

January – March 2015

Oil/Gas Aerospace

Pharmaceutical

Rail Offshore Wind

Food and Drink

Defence Electronics

Engineering Automotive Construction

Chemical

Nuclear Marine

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Contents

3

5

6

7

8

13

14

17

25

27

28

IntroductionSurvey DemographicsKey Findings Manufacturing OutlookMeasuring TrendsSpotlight on ProductivitySector Focus: AutomotiveSector Focus: ConstructionEconomist’s ViewpointPostscriptHelp and Information

Special FocusPlanning for Success

Oil/Gas

Chemical

Nuclear Marine

Aerospace

Pharmaceutical

Rail

Offshore Wind

Food and Drink

Defence

Electronics

Engineering

Automotive

Construction

@mas_works www.greatbusiness.gov.uk/mas [email protected] MAS on LinkedIn













3Manufacturing Barometer - Q4 January to March 2014/15

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Welcome to the latest Manufacturing Barometer, collecting the results, views and opinions of English manufacturing SMEs on behalf of the Business Growth Service.

More than 500 companies have again responded to questions on recent and future performance when it comes to sales, job creation and investment in machinery, premises and new technology.

The results provided a contrasting picture. Whilst there were slight declines in the number of firms reporting increases in turnover and planned investment, there was a small rise in the proportion of companies looking to take staff on.

These findings are consistent with recent economic reports giving a mixed outlook, which seems to

be influencing uncertainty in the manufacturing community.

Our Business Growth Managers report that suppliers are still waiting for promised volumes to materialise and that investment decisions are taking longer to be made.

At the same time, the need to prepare for increases in production means that firms should take on more staff so they can react quickly to fluctuations in buyer requirements.

In this Barometer report we have included four mini-timeline case studies of companies charting their two, five and ten year growth-plans (starting on page 14).

These firms predominantly supply the automotive or construction sectors and their stories highlight

the challenges they face and the differentiators that give them a competitive advantage over their rivals.

Productivity

The Manufacturing Barometer also highlights the continuing challenge of productivity. Over four fifths of respondents indicated that they felt the need to improve productivity between now and October 2015.

This is an increase in the level of concern on the previous six months and indicates that firms need continuing support to boost efficiencies, reduce waste and maximise the potential of their workforce and machinery.

The Business Growth Service is at the heart of a close-knit network of government-backed agencies

Introduction

* Small and medium sized enterprises. These are firms that employ less than 250 full time equivalent (FTE) employees and either turnover less than € 50m or have balance sheets of less than € 43m. For more information please see postscript.








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offering expert support and striving to help companies tackle specific barriers to growth - including the issue of productivity.

Expert Business Growth Managers are there to develop effective plans for growth and to guide manufacturers to the right support at the right time.

Steven BarrHead of Manufacturing at the Business Growth ServiceJune 2015

continued:








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Employees Proportion of Respondents

0 – 4 15%

5 – 9 14%

10 – 19 21%

20 – 49 33%

50 – 99 10%

100 – 249 6%

458

Key Statistics

Mean number of employees 30

Median number of employees 20

Minimum total staff count (FTE) 13,818

Survey Demographics Regions Respondents

North East 23

North West 48

Yorkshire & Humberside 51

East Midlands 30

West Midlands 80

East 57

London & The South East 116

South West 98

503

Total Respondents








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Key Findings

Employment:55% of SME manufacturers expect staff numbers to increase in the next 6 months*

Q: How do you expect staff numbers to change in the next 6 months?

4 Much Increased4 Increased No Change Reduced Much Reduced

Sales Turnover: 70% of SME manufacturers expect their sales turnover to increase in the next 6 months*

Q: How do you expect your sales turnover to change over the next 6 months?


Investment:95% of SME manufacturers expect investment in new machinery or premises to remain the same or increase in the next 6 months*

Q: How do you expect investment in new machinery or premises to change in the next 6 months?

4 Much Increased4 Increased4 No Change Reduced Much Reduced

Productivity:84% of SME manufacturers feel that productivity needs to increase in the next 6 months*

Q: How do you feel productivity needs to change in the next 6 months compared with the past 6 months?


*The next 6 months (Apr – Sep 2015)








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Manufacturing Outlook Q4

Much Reduced

Reduced No Change

Increased Much Increased

Has your sales turnover changed within the past 6 months? 3% 19% 24% 44% 11%

Do you expect your sales turnover to change over the next 6 months? 1% 7% 22% 59% 11%

How does your order book look compared with 6 months ago? 3% 18% 29% 42% 9%

Have your enquiry levels changed compared with 6 months ago? 1% 14% 32% 47% 7%

Do you expect staff numbers in your company to change in the next 6 months?

0% 5% 40% 52% 3%

Do you expect your investment in new machinery/premises to change in the next 6 months?

1% 3% 42% 46% 7%

Do you expect your investment in new technology to change in the next 6 months?

1% 2% 48% 45% 5%

Respondents 503








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Past: Sales

Percentage of SME manufacturers that experienced an increase in sales turnover in the past 6 months (Oct 14–Mar 15)

Q22014/15

Q32014/15

Q42014/15

Q12012/13

Q22012/13

Q32012/13

Q42012/13

53% 45% 43% 47%

Q42011/12

54%

Q12013/14

Q22013/14

Q32013/14

Q42013/14

Q12014/15

53% 56% 62% 61% 61% 55% 59% 54%

Measuring Trends

0%

100%

80%

60%

40%

20%








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Future: Sales

Percentage of SME manufacturers that predicted sales turnover growth in the next 6 months (Apr – Sep 15)

Q22014/15

Q32014/15

Q42014/15

Q12012/13

Q22012/13

Q32012/13

Q42012/13

53% 55% 62% 64%

Q42011/12

60%

Q12013/14

Q22013/14

Q32013/14

Q42013/14

Q12014/15

67% 66% 76% 73% 76% 67% 70% 70%

Measuring Trends

0%

100%

80%

60%

40%

20%








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Future: Machinery & Premises

Percentage of SME manufacturers that predicted increased investment in new machinery or premises in the next 6 months (Apr – Sep 15)

Q22014/15

Q32014/15

Q42014/15

Q12012/13

Q22012/13

Q32012/13

Q42012/13

38% 41% 44% 48%

Q42011/12

44%

Q12013/14

Q22013/14

Q32013/14

Q42013/14

Q12014/15

50% 66% 58% 59% 55% 54% 54% 54%

Measuring Trends

0%

100%

80%

60%

40%

20%

51% 53%








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Future: New Technology

Percentage of SME manufacturers that predicted increased investment in new technology in the next 6 months (Apr – Sep 15)

Q22014/15

Q32014/15

Q42014/15

Q12012/13

Q22012/13

Q32012/13

Q42012/13

34% 38% 38% 39%

Q42011/12

35%

Q12013/14

Q22013/14

Q32013/14

Q42013/14

Q12014/15

40% 50% 52% 46% 48% 54% 54%

Measuring Trends

0%

100%

80%

60%

40%

20%

42%








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Measuring Trends

Future: Employment

Percentage of SME manufacturers that predicted staff increases in the next 6 months (Apr – Sep 15)

Q22014/15

Q32014/15

Q42014/15

Q12012/13

Q22012/13

Q32012/13

Q42012/13

33% 32% 39% 40%

Q42011/12

41%

Q12013/14

Q22013/14

Q32013/14

Q42013/14

Q12014/15

43% 53% 54% 55% 50% 50% 54%0%

100%

80%

60%

40%

20%

39%








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Much Reduced

Reduced

Redu

ced

ReducedMuch Reduced

18% 15%

71% 71%9% 13%

Much Increased

Much Increased

Increased

Increased

No ch

ang

e

No ch

ang

e

Much Reduced

Redu

ced

Much Reduced

SME manufacturers indicated how they feel productivity within their businesses in the past 6 months (Apr – Sep 14) compared with the previous 6 months (Oct 13 – Mar 14)

Respondents 846

SME manufacturers indicated how they feel productivity within their businesses in the past 6 months (Oct 14 – Mar 15) compared with the previous 6 months (Apr – Sep 14)

Respondents 503

SME manufacturers indicated how they feel productivity within their businesses needs to change in the next 6 months (Oct 14 – Mar 15) compared with the past 6 months (Apr – Sep 14)

Respondents 845

SME manufacturers indicated how they feel productivity within their businesses needs to change in the next 6 months (Apr –Sep 15) compared with the past 6 months (Oct 14 – Mar 15)

Respondents 503

Responses from Q2 2014/15 Manufacturing Barometer Responses from Q4 2014/15 Manufacturing Barometer

Spotlight on Productivity

52%41%

31% 39%

11% 14%

1% 2%

5% 5%

Looking back: Apr – Sep 14 Looking back: Oct 14 – Mar 15

Q1/2 Q3/4 Q3/4 Q1/2

Looking forward: Oct 14 – Mar 15 Looking forward: Apr – Sep 15

Much Increased

Much Increased

Incr

ease

d

Incr

ease

d

No

cha

ng

e

No

cha

ng

e

2%

0%

1%

0%








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[email protected]

Sector Focus: Automotive

Much Reduced

Reduced No Change







0% 5% 37% 56% 2%


0% 4% 35% 59% 3%


0% 1% 48% 48% 3%

Respondents 110

Automotive: SME manufacturers, with at least 10% of their sales turnover resulting from the automotive sector, report on the following:








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A manufacturer shares their ten year plan:

• Employed 35 people

• Employing 45 people

• Many different facets including a training centre, an assembly shop and a machining arm

• Employing 60 people

2014

2015

2017

2016

2020

2025

Differentiators:

We offer a full service — a one stop shop.We look at each and every enquiry and offer a complete quality item to every customer.

• Largest manufacturer in the county

• Tier 1 supplier to OEMs• Employing 300 people

Facts

Employees: 45Sectors served: Automotive, DefenceLocation: West Midlands

Challenges:

Recruiting skilled staff.








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[email protected]


• Turnover £4.2m-£4.225m• Employed 42 people

• Turnover £4.525m-£4.55m• Employing 47 people

• Increased efficiency• Focused on lean production

techniques

• Turnover £5m-£5.025m• Employing 60 people

2014

2015

2017

2016

2020

2025

Differentiators:

High quality and the ability to quickly respond to customer requirements.

• More diverse market penetration• Increased turnover• Increased core skill levels

• A modern and progressive manufacturer

• Offering cutting edge solutions and skills to industry

Facts

Employees: 47Sectors served: Automotive, Aerospace, DefenceLocation: South East

Challenges:

Succession planning within the business.Lack of skills in the marketplace and the ability to upskill the existing workforce.









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[email protected]

Sector Focus: Construction

Much Reduced

Reduced No Change







0% 8% 42% 47% 3%


2% 4% 39% 47% 7%


1% 1% 45% 49% 4%

Respondents 135

Construction: SME manufacturers, with at least 10% of their sales turnover resulting from the construction sector, report on the following:








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[email protected]



• Turnover £850k-£860k• Employed 10 people


• Further improved control & automation• Well trained workforce• Sales into new geographies

and sectors


2014

2015

2017

2016

2020

2025

Differentiators:

Passionate about customer service.Flexible and automated production.Expansion into Europe.

• Substantially higher sales with worldwide sales• Greater diversification in current and new markets• Proactive workforce in continual improvement

• Further expansion including acquisition of related businesses

Facts

Employees: 12Sectors served: Construction, MarineLocation: South East

Challenges:

Recruiting the right people.Raising necessary finance.








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[email protected]



• Turnover £340k–£350k• Employed 3 people

• Turnover £400k–£410k• Employing 8 people• Moved into new premises

• Employ permanent installation teams • Develop new products• Increase turnover• Optimise space & processes

2014

2015

2017

2016

2020

2025

Differentiators:

Bespoke products.In-house manufacturing.Excellent long-term client relationships and aftercare service.

• Two/three technical sales staff• Nationwide sales and marketing support• Develop European contacts & contracts• Turnover increase 3x

• Recognised as most technical manufacturer/supplier/installer in sector

Facts

Employees: 8Sectors served: ConstructionLocation: South West

Challenges:

Cashflow.Expert knowledge and skills to expand the business.

• Turnover £450k–£460k• Employing 10 people








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[email protected]

Use of automation. Use of latest axis technology. Bedford Transmissions LtdMill & turn components

HERTFORDSHIRE

We design everything ourselves. So design time / build time is circa 50/50. Agritron LimitedSensor signal conditioners/ monitoring & control systems

OXFORDSHIRE

Fabrication, tube bending & silencers Full service design and testing. Franklin Silencers Ltd

NORTHAMPTONSHIRE

Commitment to quality whilst being very helpful and very reactive. Kannect Precision Services LimitedPrecision machining

CLEVELAND

Focus on delivering goods with the maximum amount of contact between manufacturing and end user ensures we can give the best possible customer service. Castrads LtdRadiators

GREATER MANCHESTER We focus on total customer satisfaction. Top down involvement and engagement. Reactive attention to business opportunities. Geometric Manufacturing LtdMachining, routing, fabricating

GLOUCESTERSHIRE

Willing to invest in new technology, training, selective customer base. Multi-Tech Engineering (U.K.) Ltd

YORKSHIRE

Ability to offer and exceed customer expectations in innovation, design for manufacture & project management. Radshape Sheet Metal LimitedFabrication

WEST MIDLANDS

Click on the company names to be taken to their websites

What makes your business different from others?

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http://btlprecision.co.uk/

http://www.agritron.co.uk

http://www.franklinsilencers.co.uk/

http://kannect.co.uk/

https://www.castrads.com/

http://www.geometricmanufacturing.co.uk/

http://www.radshape.co.uk


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[email protected]

We will have outgrown are current facility & will have the difficult decision as to move or not. Advanced Engineering (UK) LtdMulti-axis precision engineering

WEST MIDLANDS

Increase through new product introduction, organic growth in current markets and opening up new markets. Rapid Labs LimitedMedical diagnostic reagents, glass vials & bottles

ESSEX

Profitable, state-of-the-art, streamlined. SRM Industries LtdMetal and rubber engineering

DERBYSHIRE Strong and more international.

He-Man Dual Controls LimitedVehicle dual control systems

HAMPSHIRE

Slightly larger with improved structure. J E B Precision LimitedPrecision machined components & electro-mechanical assemblies

CHESHIRE

We expect to change to introduce a product portfolio.

Expert CNC LtdPrecision engineering

DORSET

Broader customer base.

Flatford LtdSteel fabrication

NORTH YORKSHIRE


What will your business look like two years from now?

2YEARS

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http://ae-uk.net/

http://www.rapidlabs.co.uk/

http://www.srm-industries.com/

http://www.he-mandualcontrols.co.uk/

http://www.jebprecision.co.uk/

http://www.expert-cnc.co.uk/

http://www.flatford.co.uk/


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[email protected]

In five years, will be twice its current size. Advanced Chemical Etching LimitedMetal components

SHROPSHIRE

Integrated use of IT to improve productivity and customer service delivery, alongside upgraded capital investment to maintain/improve quality and productivity.

Electroparts LtdPCB assembly & technical cabling

WEST YORKSHIRE

Massive presence in Europe with diversification into new products and services. Fonebox Trading LtdMobile phone charging stations

MERSEYSIDE

Possibly diversifying into other areas with relevant capital expenditure, particularly nuclear work.

Cam Machine ComponentsPrecision engineering

NORTH SOMERSET

Double net profit. Even faster response - many more standard products.

Viking Signs LtdSign design & manufacture

LINCOLNSHIRE

Part of a larger group. Solar Capture TechnologiesSolar power solutions

NORTHUMBERLAND

Grown by 40%. Investment underway. Team operating at a high level.

Broanmain LimitedThermoplastic & thermosetting plastic moulding

SURREY


Employ 60 people, have larger premises to take up the capacity. Export sales to be majority of our sales. Kemtron LtdRFI/EMI shielding gaskets and components

ESSEX

What will your business look like five years from now?

5YEARS

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http://www.ace-uk.net/

http://electroparts.ltd.uk/

http://www.foneboxltd.com/

http://www.cam-machine.com/

http://www.vikingsigns.co.uk/

http://solarcapturetechnologies.com/

http://www.broanmainplastics.co.uk/

http://www.kemtron.co.uk/


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Passed on to the next generation, whether Management Buyout or sale.Focused NutritionEnergy & food bars

CHESHIRE

Operating in a number of different market places both home and abroad.Racks Industries LimitedIndustrial storage solutions

WEST YORKSHIRE

Similar except a little larger again.Speedings LimitedSafety products for fire & rescue services

TYNE AND WEAR

Vastly increased in size. Denward Manufacturing LtdPharmacy equipment

ESSEX

Turning over in excess of £20m per year. A serious player in sustainable building technology for urban and rural spaces. Green Unit LimitedEco modular buildings

OXFORDSHIRE

Me, on a privately owned island, running it all remotely and popping over from time to time on my yacht. Obviously.Pure Nuff Stuff LtdNatural cosmetics & skincare products

CORNWALL

Potentially twice the size of business that it is now. SJ Clifford & Co LtdPrecision engineering

WEST MIDLANDS


What will your business look like ten years from now?

10 YEARS

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http://www.focused-nutrition.co.uk/

http://www.racks-industries.co.uk/

http://speedingsltd.co.uk/

http://www.pharmacy-equipment.co.uk/

http://www.greenunit.co.uk/

http://www.purenuffstuff.co.uk/

http://www.sjclifford.co.uk


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Generating the cash to keep up with technology.

Precision AlloysAlloy steel castings

SOUTH GLOUCESTERSHIRE

Available cash to fund investment in R&D is always a challenge.

Shelton Sportsturf Drainage LtdSports turf drainage machinery

LINCOLNSHIRE

Skills shortages, difficulty in hiring the right staff.

Fimark LtdLaser marking and technical spray painting

SURREY

The threat of a skills shortage, market forces, competition, lack of senior management presence. Ford Aerospace LtdPrecision machining and pressings

TYNE & WEAR

Funding available for the rapid growth.

The Printed Cup CompanyPaper cups

LANCASHIRE

Finding young people with the passion for engineering we can mould into the world-class engineers we require to flourish as a business.

Supermarine Aero Engineering LtdSpitfire spare parts

STAFFORDSHIRE

Maintaining gross profits and increasing profitability.

Xamax Clothing CompanyWorkwear and promotional clothing

WEST YORKSHIRE

Securing sustainable new business. Continued improvements in productivity.

Prism Electronics LtdContract electronics manufacturer

CAMBRIDGESHIRE


What challenges stand in the way of your plans?

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http://www.precisionalloys.uk/

http://sheltonsdrainage.com/

http://www.fimark.co.uk/

http://www.ford-aerospace.com/

https://www.thepapercupcompany.co.uk/

http://supermarine.net/

http://www.xamax.co.uk/

http://prism-electronics.com/


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Economist’s Viewpoint

In the first quarter of 2015, the UK recovery persisted, although, after a buoyant end to 2014, it slowed down. Real GDP grew by just 0.3% on the previous quarter. Within that total change, business investment increased moderately (+1.7%) whilst net exports were strongly negative (-0.8%). Largely, growth was consumer-driven (+0.5%).

As recently emphasised by, amongst others, the Bank of England Governor, the risk to the recovery is that the UK economy lacks productivity growth compared with its own previous recoveries and compared with its international peers.

At the same time, unemployment continues to fall whilst several inflation series have slipped into negative territory. Manufacturing producer prices fell 1.7% in the year to April 2015, although excluding the more volatile food and petroleum sectors, this series was essentially flat (+0.1%).

These trends on growth, unemployment and inflation mean that many of the UK SME manufacturers answering the latest Manufacturing Barometer survey continue to face tight trading conditions. Currently, however, differentials

in turnover and pricing tend to reflect factors in particular markets as well as the overall economic climate. Broader influences, such as global trade patterns, the rumbling Eurozone crisis, and UK elections and referendums, are influencing business decision-making but real activity in particular sector supply chains is often paramount. At this point in this particular cycle, the SME manufacturing community are focussed on micro industrial factors as much as the macro background.

Given this context, the latest Barometer provides useful insight into current levels and trends on a number of key business measures. Partly, the Manufacturing Barometer results reflect the mildly positive picture outlined above for the economy as a whole. For example, the recent quarterly slowdown is reflected in the positive balances on current turnover, which peaked in the winter of 2013/14 (62%) and moderated a year later (54%, winter 2014/15). Only 51% of respondents recorded an increase in order books over the last six months.

We have invited an experienced economist to comment on the Barometer results.








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Economist’s Viewpoint

Looking ahead (April-September 2015), the Barometer’s expectations on sales and employment are positive - 70% and 55% of respondents respectively forecasting an increase - but these balances have not advanced over the last year. Moreover, the investment indicators on machinery and premises and on new technology (53% and 50% respectively) were only moderately positive in the Q4 survey and were down on both the previous and year-ago equivalent periods.

Given these current and expected trading conditions and the broader economic outlook, it is understandable that a high figure of 84% of the latest survey’s respondents said productivity needs to increase in their business in the six months ahead. It is sobering, however, to note that, beforehand, the expected balance for October 2014-March 2015 was 80% and yet the outcome for that period was only 46%. With a modest, overall economic outlook,

manufacturers are identifying a need to increase productivity but are not finding it easy to follow this through. Therein lies a key issue for UK manufacturers and the economy as a whole in the middle of 2015.

Nigel F Jump Independent EconomistJune 2015

Nigel Jump is chief economist at Strategic Economics. He has been appointed to provide an independent view on the Manufacturing Barometer. The comments expressed above are based on his professional experience and expertise and are in no way intended to represent the views of the Business Growth Service or SWMAS Ltd.








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Methodology

The Manufacturing Barometer represents the views of senior decision makers within SME manufacturers based in England. Lists of respondents are actively maintained to ensure that there is only one response per company, and ineligible companies are excluded from the results.

Please note that: • Percentages are given throughout

to the nearest integer value

• Given variability in sample and population sizes across questions respondent numbers are provided to allow for the calculation of confidence intervals

• Manufacturers’ comments are presented with permission and provide insight into a range of sectors and ambitions

• Small and Medium sized enterprises are defined as firms that employ less than 250 full time equivalent (FTE) employees and either turnover less than € 50m or have balance sheets of less than € 43m.

For more information please see: http://ec.europa.eu/enterprise/policies/sme/facts-figures-analysis/sme-definition/index_en.htm

Manufacturing Barometer

The Manufacturing Barometer provides a quarterly snapshot of small and medium sized manufacturers in England. It charts trends in turnover, employment and investment, along with capturing ambitions and concerns.

The Manufacturing Barometer was started by SWMAS Ltd in 2009 and surveys manufacturers across England.

The Manufacturing Advisory Service

The Manufacturing Advisory Service (MAS) is part of the Business Growth Service , a government-backed service offering support to businesses with the potential to improve and grow.

Funded by the Department for Business,

Innovation and Skills , we have an 80+ strong team of Business Growth Managers with specific manufacturing expertise, working on the ground with management teams to plan long-term strategies, improve processes, bring new products to market and develop supply chains.

Manufacturing Advisory Service (MAS):MAS works for England’s manufacturers. Funded by the Department for Business, Innovation and Skills (BIS) we provide a national service delivered locally by experienced Business Growth managers. We work with manufacturers to create business and product strategies. We help to develop cultures of innovation that generate new product ideas and market opportunities. We work to reduce waste and maximise profitability with individual businesses and their supply chains.

If you are an SME manufacturer seeking to improve, or a larger enterprise looking to build or improve a domestic supply chain, please contact us to find out how we can help.

Postscript







http://www.mas.businessgrowthservice.greatbusiness.gov.uk/barometer/

http://ec.europa.eu/enterprise/policies/sme/facts-figures-analysis/sme-definition/index_en.htm



www.greatbusiness.gov.uk/businessgrowthservice

https://www.gov.uk/government/organisations/department-for-business-innovation-skills

https://www.gov.uk/government/organisations/department-for-business-innovation-skills


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Your views are important to us:The Manufacturing Barometer takes less than 5 minutes to complete and is an opportunity for your views to be heard. Small and medium sized manufacturers based in England are invited to take part in the next quarterly Manufacturing Barometer. Please email [email protected] stating that you wish to participate.

For information on the Manufacturing Barometer report and survey: [email protected]

Help and Information

This survey and report is designed, analysed and compiled by SWMAS Ltd and provided for use to the Business Growth Service.This report is only available electronically in PDF format.

Usage Conditions: The information and findings in this Manufacturing Barometer may be freely re-used in any online or offline publication and presentation, provided it is accompanied by the following credit line –

“This information is used courtesy of the Manufacturing Barometer report produced by SWMAS Ltd in association with the Business Growth Service.”

Whilst every effort has been made to ensure the accuracy of the information supplied herein, SWMAS Ltd, the Business Growth Service and any of the contributors to this report cannot be held responsible for any errors or omissions that are revealed by future data revisions, new publications or policy changes, or for the consequences of actions taken by any party on the basis of the content of this report.

For media information: [email protected] 07812 600271

MAS support information:www.greatbusiness.gov.uk/mas [email protected] 0300 303 0034








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