Northern Ireland’s manufacturing sector has a lower number of firms at a higher than normal risk of insolvency than anywhere else in the UK, according to the latest research from R3 (
www.r3.org.uk).
In August, the number was less than one in five (19%) — lower than the UK average of 22.9%.
Taking all business sectors into account, firms in Northern Ireland had the second-lowest overall risk profile, with almost a quarter (24.4%) of all companies deemed at higher than normal risk, compared to the UK average of 28.2%.
However, the local figure is 2.7% higher than it was in January, reflecting a general trend towards a higher rate of insolvency risk across all parts of the UK since the start of the year.
Stephen Cave, chairman of R3 in Northern Ireland, said: “Despite continuing political uncertainty in Northern Ireland, the latest figures are an encouraging sign that the economy has remained resilient, with manufacturing-sector risk levels only slightly higher than earlier this year.”
Manufacturing exports total about £6 billion per year and make up almost two thirds of Northern Ireland’s export sales.