Manufacturers are optimistic that credit availability and exports will improve in the next 12 months.

Manufacturers are optimistic that credit availability and exports will improve in the next 12 months.

Some 62 per cent of manufacturers believe credit conditions will ease, while 72 per cent expect exports to increase, according to a survey from professional services firm Deloitte.

David Raistrick, UK manufacturing industry leader at Deloitte, says, ‘The overriding message from this report is that while the market is tough, manufacturers have been resilient in their response.’

Some 55 per cent of the respondents say they will invest in plant and machinery over the next 12 months, with 54 per cent intending to invest in new product development.

‘This will be important as manufacturing emerges from the recession and looks to a future, which will require investment in R&D, training and retraining and capital expenditure on new plant and machinery,’ adds Raistrick.

Of the 101 manufacturers surveyed, 33 per cent say they have sought capital from alternative sources such as shareholders or parent companies.