Business confidence in transport and storage sector continues to rise, according to the latest UK Business Confidence Monitor from The Institute of Chartered Accountants in England and Wales and Grant Thornton.
Figures for the fourth quarter of 2013 shows confidence within the sector continue its upward path for the second consecutive quarter to +28.5, just slightly under the record +31.7 reading for the UK economy as a whole.
Philip Bird, Director, Corporate Finance at Grant Thornton UK LLP commented: “Over the past year, there’s been some very positive movements in the logistics sector as the wider economy has started to rebound. Transport and logistics companies involved in e-fulfilment and technology fulfilment have done especially well. We anticipate that a broader-based economic recovery will benefit the sector as a whole.”
The index, predicts a 1.3 per cent rise in overall UK economic activity in the fourth quarter.
And it suggests that the UK’s transport and storage sector will be a key component for wider economic growth; particularly as the retail and wholesale sector remains buoyant heading into the Christmas period.
Profit growth in the sector has shown a steady rise since the beginning of the year, though expectations for the next 12 months remain subdued and significantly below the UK average. Capital investment plans for the next 12 months also showed an upward progression, in line with the cross-sector average.