Benchmark Your 2024 SME Turnover Growth

As another year ends, we are now able to see how SME clients faired in terms of turnover growth. As the graph below shows, the average annual growth at 0.4% was lacklustre at best:

Whitings LLP SME Growth Index: All Sectors (Median Annual Turnover Growth)

Within this average were variations between different sectors:

• Manufacturing               +4.4%
• Haulage                           +2.9%
• Agriculture                      -0.6%
• Services                            -0.2%
• Pubs & Restaurants       -1.4%
• Construction                   -3.5%
• Retail                                -3.5%
• Technology                     -18.4%

So despite the worst of COVID-19, high inflation, high interest rates and election year uncertainty being behind us, businesses are still finding it tough out there. It will be interesting to see whether the new Government’s growth agenda actually makes a difference for this metric in 2025 and whether stagnation can be avoided.

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