Business

Turnover Slides At Majority Of UK Businesses, ONS Survey Finds

More than half of companies said they saw a drop in turnover in the two weeks to July 26.

Share this article

Share this article

More than half of companies said they saw a drop in turnover in the two weeks to July 26.

Business

Turnover Slides At Majority Of UK Businesses, ONS Survey Finds

More than half of companies said they saw a drop in turnover in the two weeks to July 26.

Share this article

More than half of UK firms have reported a fall in turnover, with more than a tenth saying it has at least halved, according to new figures.

The latest Office for National Statistics survey of the impact of coronavirus revealed that 54% of firms said they saw a decrease in turnover for the two weeks to July 26.

Firms in the North East of England were the worst-affected, with 61% of companies in the region saying that turnover has decreased.

Companies in Scotland were also particularly affected, with the new figures revealing that 57% of surveyed firms in the country saw turnover fall.

Meanwhile, 54% of firms in Wales and 52% of Northern Irish firms saw lower turnover.

Across the UK, 32.2% of firms said that turnover has fallen by at least 20%, with 12.3% of companies saying it has fallen by more than half.

The new figures also revealed 10.9% of firms in the UK reported an increase in turnover despite the coronavirus pandemic.

The survey also showed that 29% of companies said operating costs were equal to or more than their turnover over the period.

It found 16% of companies said costs were higher than turnover, with another 13% saying these costs were equal to turnover as they battle tough economic conditions.

Related Articles
Get news to your inbox
Trending articles on News

Turnover Slides At Majority Of UK Businesses, ONS Survey Finds

Share this article