• Swindon & Wiltshire Economy
• Monday January 6 2025
• Author Name: Peter Davison

Three fifths of South West businesses expect turnover increase in 2025 – survey

Three fifths of businesses in the South West expect their turnover to increase in 2025, while more than half say they will be more profitable, according to the latest Lloyds’ Business Barometer.

Sixty per cent of South West respondents said they expect to see turnover increase in 2025. Nearly a quarter (24 per cent) of these expect to see their revenue rise by between six and 10 per cent over the next 12 months, with 12 per cent expecting it to grow by even more.

Meanwhile, 53 per cent expect to become more profitable in 2025.

Increased productivity and upskilling staff are the priorities for South West businesses in 2025.

While increasing revenue and profitability is firms’ top priority (42 per cent), 41 per cent said they will be targeting improving their productivity and 28 per cent said they are aiming to upskill staff.

A fifth (20 per cent) will be aiming to enhance their technology – such as automation or AI – while just over one in ten (11 per cent) want to improve their environmental sustainability.

To support their goals, nearly a quarter (23 per cent) will be investing in staff training, while just over a fifth (21 per cent) plan to invest in increasing wages for employees.

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.

Amanda Dorel, regional director for the South West at Lloyds, said: “South West firms are entering 2025 with clear plans for further growth. These reflect the region’s ambition and resilience – while the past 12 months haven’t always been easy, South West firms have consistently been tenacious in finding new opportunities.”