New research from the Electrical Contractors Association (ECA) shows that the electrical contractor industry has had a good start to the year.
According to the results of the ECA’s Quarterly Business Trends Survey (QBTS), 78% of respondents saw their turnover maintain or increase in the first quarter of 2015.
Companies with an annual turnover of over Â£ 5million had the best start to 2015, with 62 per cent reporting revenue growth.
Entrepreneurs told ECA they were optimistic for the next quarter and the next 12 months. Eighty-four percent of members expect revenue to increase or hold over the next quarter and 86 percent expect the same result over the next year. Companies with annual revenue above Â£ 5million are the most optimistic: 96% expect revenue to hold or increase in the next quarter and 92% expect the same result next year. Smaller entrepreneurs are less optimistic, however. Only 16% of companies with turnover of less than Â£ 200,000 per year expect revenue growth in the next quarter, and 25% expect the same result in the next 12 months.
âOur industry posted a strong overall performance during the first quarter of 2015, showing that the recovery has spread to construction services,â said Steve Bratt, CEO of ECA Group. âI hope this continues over the next quarter and into the next year, as public sector and commercial projects reach the stage where electrical contractors and other specialists are recruited. “
He added: âDespite the good performance this quarter, late payments remain a major problem for many of our members. While the government’s goal of using the prompt payment code to promote good payment practices is understandable, we urge it to be ready with prompt payment legislation – across commercial and public sectors – if this approach failed. “