78% of Small Businesses Were Profitable in 2015
Companies in the information and communications industry most likely to increase turnover this year
78% of the UK’s small business employers generated a profit last year, matching levels set in 2014, a report from the Department for Business Innovation & Skills (DBIS) has confirmed.
Polling over 15,000 small and medium enterprises, the Small Business Survey found that 80% of small businesses and 84% of medium-sized businesses were more likely to have made a profit last year, compared to just 77% of micro businesses.
38% of respondents reported greater turnover in 2015 than in 2014 with 41% generating approximately the same turnover while just 17% posted lower turnover figures.
45% of employers said they expect turnover to increase in the next 12 months, and 43% think it will remain the same while 8% are wary that their turnover will drop this year.
Businesses in the information and communications sector (54%) are mostly likely experience an increase in turnover over the coming months while businesses in manufacturing (53%), administrative services (48%), and retail/wholesale (47%) were also optimistic about generating more sales.
On the flip side, those in the primary sector (18%), arts/entertainment (12%), and human health (9%) industries believe their sales will decrease
Want to increase profit for your small business? Read our guide on increasing productivity and profit here.