The Food and Drink Federation’s (FDF) Business Confidence survey, which was launched back in 2010, has revealed that 48% of businesses have reported growth of domestic sales during the second quarter of the year, compared to Q1 2012.
Companies in the sector are also optimistic about the next three months, with 65% of businesses expecting an increase in the volume of UK sales during the period.
Food and drink firms are continuing to succeed overseas, with around a third (30%) of survey respondents reporting growth for the quarterly period.
Steve Barnes, economic and commercial services director, FDF, said: “It is really encouraging to see optimism among our survey respondents so far this year. Holding your nerve in this economic environment is by no means easy and is a great credit to our members in difficult times.
“Looking ahead, we expect to see both our domestic and overseas sales increase as we head towards Christmas. Our commitment to grow our industry by 20% by 2020 is ambitious and we remain confident that we will achieve this goal.”
Other highlights of the FDF’s Business Confidence survey for Q2 2012 were more than 50% of businesses were introducing new product lines during the period. Capital Expenditure (CAPEX) remains subdued, but still positive, as the uncertain economic environment holds back capital projects.
The full report of the FDF's Business Confidence survery Q2 2012 can viewed by clicking here.