The lockdown saw many UK SMES being forced to shut for over two months between March and May. This lockdown obviously had a huge impact on sales and many had to rely on the UK government intervention to survive. New data published today from PoweredNow shows some positive new trends as many SME owners are expecting to bounce back in the next few months.
For the UK Construction industry, SMEs in this sectors are already showing signs of growth and profits and revenue are returning to pre-lockdown levels. Based on survey of 1079 SMEs across all trade sectors, the total sales by month for 2020 were as follows: January £2.2m February £3.0m March £2.7m April £0.9m May £1.4m June £2.8m
More interestingly, the statistics from these Construction SMEs that had figures available for both 2019 and 2020, show that the sector hasn't gone into decline at all even with the two month lockdown and sales figures for the first half of both respective years equating to about £7.4 million. Full comparison is available below and shows that the industry is as buoyant as ever so far this year.
2019 vs. 2020
January 2019 - £1.1m January 2020 - £1.2m
February 2019 - £1.1m February 2020 - £1.8m
March 2019 - £1.4m March 2020 - £1.4m
April 2019 - £1.3m April 2020 - £0.6m
May 2019 - £1.4m May 2020 - £0.8m
June 2019 - £1.1m June 2020 - £1.7m
Benjamin Dyer, CEO of Powered Now - commented on the data:
"Whilst it is true that many small and medium-sized enterprises and tradespeople have faced significant challenges during the lockdown, this data gives us reason to be optimistic. Many companies quickly adapted to the shutdown, finding ways to operate and prosper, whereas other took full advantage of the government's economic care package. Either way, the consistent growth since the initial downturn at the start of lockdown shows the resilience of many innovative SMEs.
The government's economic response helped buoy SMEs during the economic downturn, which can now begin trading again as lockdown regulations ease. This bodes well for the future, showing that Britain's entrepreneurial spirit is still very much alive in the wake of the pandemic. "