Latest survey from manufacturers’ organisation EEF reveals 46% of companies see more risks than opportunities in the year ahead. Tony McDonough reports.

Manufacturers in the North West face a “bumpy ride” in 2017 with almost half seeing more risks than opportunities.

That is one of the key findings of the annual Executive Survey from EEF, the manufacturers’ organisation.

While 46% of companies see more risks than opportunities in the year ahead, the sector is far from apprehensive.

Instead, UK manufacturing is striding into 2017 with firms focused on delivering ambitious growth plans and feeling positive about productivity, employment, investment and sales for the year ahead.

Manufacturers are realistic about the challenges ahead, but appear to be quietly confident about conditions in their industry.

The same cannot be said of broader conditions however. While a quarter of firms expect UK economic conditions to improve, these are outpaced by those steeling themselves for a decline (47%).

The view is similar when it comes to global economic conditions too, where 24% anticipate improvement and 36% predict deterioration during 2017.

Richard Halstead, acting North West Region director at EEF, said: “Global political upheaval means that 2017 looks set to be another bumpy ride, with manufacturers forced to navigate uncertainty, unpredictable economic conditions and a number of risks that have been amplified by Brexit.

“Against this backdrop a smooth journey is far from guaranteed, but firms are strongly attuned to the challenges and remain fully focused and determined to deliver on their long-term plans for growth.

“With a new digitally-driven industrial era on the horizon and everything to play for, this long-term vision and focus is vital – despite the peaks and troughs manufacturers cannot afford to be diverted away from where they need to be.”