Hull firms warn over declining market

BUSINESSES IN the Hull area have reported a “rapidly toughening marketplace”.

A survey of members of the Hull & Humber Chamber of Commerce has shown balance figures for the Home Sales and Home Orders sectors were both markedly down, 16 and 14 points respectively, dropping from 28 and 17 in Q4 of 2017 to 12 and 3 this quarter.

Export Sales and Orders were also on the slide this quarter, with Export Sales dropping 29 points and Export Orders down by 40 points, with a balance figure of –4, the first time it has dropped into negative territory since the third quarter of 2016.

Chamber chief executive Dr Ian Kelly, said: “These figures are a matter of some concern with all the key sectors showing a decline in the Humber in the first quarter of the year.

“The chamber is sensing a rapidly toughening marketplace for our local businesses.

“The national picture, with the exception of the export sector, is also muted despite quite strong global trading conditions.”

Overheads were the biggest concern for respondents this quarter, with more than half of firms airing their concerns, while pay settlements and raw material costs were also high on the agenda.

Access to finance was less of a worry, with only a quarter of firms highlighting that as a concern, down from 37 points in the last quarter of 2017.

Business rate fears rose for the third consecutive quarter too.