Food and Drink Report Executive Summary

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1 Food and Drink Report 2017 Executive Summary

2 2 FOREWORD Elena Paitra Managing Director, Head of Food, Beverages and Tobacco Food and drink production is an essential part of our culture. As the UK s largest manufacturing sector, the food and drink industry shapes our landscape and our way of life. It is fundamental to the UK economy, employing more than 400,000 people and contributing over 28bn a year 1. This year s survey of decision makers at 100 food and drink firms in England and Wales found a sector that is optimistic about its growth prospects. Despite the short-term challenges brought about by the UK s exit from the European Union (EU), such as the spectre of tariffs on EU trade and reduced access to European labour, the sector is gaining confidence. Producers are proactively seeking new opportunities overseas and making steps to solve the productivity puzzle that has stifled UK PLC s growth. When we asked respondents if confidence within their business had increased since the vote to leave the EU was announced, nearly half (48%) of all firms said it had. Less than a third (30%) said it had decreased. Uncertainty surrounding last year s EU Referendum vote had slowed down the UK food and drink industry s aspirations in the short term. This year s survey shows that while uncertainty remains, companies are moving on from Brexit and re-focusing efforts on achieving growth and increasing confidence. But there is uncertainty for some. Almost half (44%) of large and more global firms, with a turnover of more than 750m, said that Britain s planned exit from the EU had already impacted their importing of raw materials. 1 Food and Drink Federation, FDF Manifesto 2017

3 3 GROWTH Firms told us they have more ambitious growth plans than last year. They are forecasting growth of 21% of turnover over the next five years, on average 4.2% per year. This is marginally up from 19% this time last year. The most popular route to growth is developing new products (57%), followed by growing sales within the UK (51%), creating jobs (48%) and entering new EU markets (43%). A third (36%) will seek inorganic growth through mergers and acquisitions. Investment plans have held reasonably firm too. Almost half (49%) of firms said they would invest the same or more than last year back into their company in the next months. Only 29% said they would invest less. There has been change in how firms plan to fund their growth plans with creating efficiencies through cost cutting cited by 53%. It seems firms are moving to right-size themselves in a defensive move to ensure that they are competitive and ready for growth when conditions improve. Other routes to growth include joint ventures, which a third (30%) of companies are considering, and debt, which 31% are planning to use (up from 15% this time last year). There has been an increase in the number of manufacturers using cash flow/working capital finance (up from 31% in 2016 to 48%), while the number of producers using cash reserves is also up from 32% in 2016 to 42% in Larger companies are using their own resources before seeking funding. Large firms (turnover of more than 750m) plan to use a combination of cash flow (39%) and working capital efficiencies (44%) to fund their business growth. This could reflect a desire to improve efficiency of operations and improve their balance sheet S S S 68% 50% 33% of SMEs told us that they will grow their business by entering new markets in the UK of large firms (turnover of more than 750m) are focusing on new product development as a route to growth One third (33%) of all firms called on government to provide incentives to encourage growth

4 4 EMPLOYMENT Respondents to this year s survey suggested there could be employment challenges on the horizon for the sector. The food and drink industry has a strong reliance on migrant workers, which make up around 38% of its workforce 2. Any changes in immigration that result from the UK s exit from the EU are likely to heavily impact the sector. And firms have concerns about rising labour costs too. Almost half (48%) of firms said they are the industry s biggest challenge over the next five years, up from 25% last year. Despite challenges, the sector s recruitment plans have improved yearon-year. Businesses said they plan to create more than 95,000 new jobs over the next five years. This is an increase of 20,000 on last year s figures. The proportion of firms investing in upskilling staff with an eye to boosting productivity has also grown from 34% to 51%. This increase was most notable among firms with a turnover greater than 750m, with two-thirds (67%) saying they were investing in skills development, up from 37% in S 60% said the UK s planned exit from the EU had impacted their recruitment plans S 44% of all companies hope to create jobs over next five years 2 FDF Economic contribution and growth opportunities, June 2017 Average number of net new jobs firms plan to create in the next five years < 25m turnover 25m - 750m turnover > 750m turnover

5 CHALLENGES AND OPPORTUNITIES 5 Chancellor Philip Hammond has said closing Britain s productivity gap must be a national priority 3 in order to make every UK business more competitive. And while there are a number of challenges for the industry it is heartening to see food and drink firms capitalising on opportunities to improve their productivity. Almost two thirds (64%) told us they were streamlining processes (up from 37% last year), and 57% are investing in supply chain efficiencies (up from 25% in 2016). Half of firms (51%) are investing in skills development (up from 34% last year), and 49% are restructuring to boost productivity (up from 30%). Firms told us that an average 36% of their processes were currently automated, but expected that to rise to 53% in the next five years, with 40% of firms saying they planned to invest more in automation in the coming year. And businesses are looking at opportunities to work collaboratively, with two thirds (63%) planning to work in partnership with one or more organisation to strengthen their innovation. Producers said one major challenge for them is regulation, flagged by 37% of firms up from 19% in This could be a symptom of uncertainty and this is an area where government could step in and provide help to bridge the uncertainty gap. 3 Mansion House 2017: Speech by Chancellor of the Exchequer, June 2017 The big three challenges going forward are rising labour costs, potential changes to regulations and compliance rules, and ingredient security. Cost of labour is by far the dominant issue. Firms mitigate these challenges by improving efficiency and productivity through cost cutting, upskilling of labour force and investing in R&D and automation S 48% said rising labour costs are the biggest challenge for the industry over the next five years S 37% said regulation and compliance is the biggest challenge for the industry over the next five years

6 6 INDUSTRY FOCUS THE SUPPLY CHAIN The UK food and drink industry is strongly linked to the EU, so it is no surprise that firms are keen to understand how Britain s planned exit will impact the sector and its supply chain. Firms said that the exit from the EU was the biggest threat to supply security in the next five years (41%). This was followed by the volatility of raw material prices (20%). Concerns about ingredient security have also increased, with 36% saying it is one of the biggest challenges for the industry as a whole over the next five years, up from 26% last year. Half (48%) said they are importing fewer raw materials, potentially because of the UK s weak pound as a result of the uncertainty around planned exit from the EU. But positively, firms are increasingly looking to support the UK supply chain. When we asked if firms would pay a higher price to primary producers in the UK to guarantee supply security and maintain the provenance of their products, 78% said yes. And almost a third (28%) plan to export for the first time within the next five years. Businesses are taking steps to manage their supply chain by reviewing their supplier and customer relationships. 41% said they had taken steps to improve how they manage payment terms and 33% have reviewed credit terms. Firms are also looking to banks for support with their supply chain. While 28% already use factoring/ invoice discounting and 19% use asset-based lending, half (54%) said they would appreciate more advice on cashflow/working capital financing options from their bank. Which of the following are the biggest threats to ingredient/supply chain security in the next five years? Leaving the EU Volatility of raw material prices Continuity of supply Government policy Energy prices

7 7 HOME AND ABROAD 2016 was a record-breaking year for food and drink exports and firms seem optimistic that momentum will be maintained in Likely buoyed by the depressed pound, which is making exports more attractive, the number of firms investing to secure new international customers has bounced back to 69% after falling to 55% in While 43% plan to enter new markets inside the EU, 39% now have their eyes on new markets outside of it. When asked, manufacturers said their future export targets are Western Europe (43%), the Far East and Asia (43%), Australia and New Zealand (41%) and North America and the Middle East (both 36%). Currently, just one in five food and drink companies are exporters 4, so it is heartening to see more than a quarter (28%) say they plan to export for the first time at some point in the next five years. But businesses face challenges when it comes to international trade. Firms said that regulatory issues, political uncertainty at market destination, international regulation and domestic regulation are all barriers to exporting (all 54%). Half of producers (51%) cited a need for UK government policy to assist the sector going forward and 37% believe that there is a need for regulatory/ legislative changes. 4 UK Food and Drink International Action Plan Percentage of firms planning to engage new international customers in the next five years < 25m turnover 25m - 750m turnover > 750m turnover Uncertainty around Brexit, which continues to impact value of sterling is influencing firms planning ahead to engage new international customers in the next five years.

8 8 THE SUPPORT YOU NEED Elena Paitra Managing Director, Head of Food, Beverages and Tobacco, Global Corporates David Atkinson UK Head of Manufacturing, SME Andrew Connors Head of Capability and Propositions, Mid Markets HELPING BUSINESSES TO GROW Please contact us if you d like this information in an alternative format such as Braille, large print or audio. If you have a hearing or speech impairment you can use the Next Generation Text (NGT) service (previously Text Relay / Typetalk). Calls may be monitored or recorded in case we need to check we have carried out your instructions correctly and to help improve our quality of service. Please note that any data sent by is not secure and could be read by others. Lloyds Bank plc Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no Telephone: Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS). Please note that due to FSCS and FOS eligibility criteria not all business customers will be covered. Lloyds Banking Group includes companies using brands including Lloyds Bank, Halifax and Bank of Scotland and their associated companies. More information on Lloyds Banking Group can be found at lloydsbankinggroup.com Methodology: Field research for this report was undertaken in July 2017 by Coleman Parkes Research. To gather representative data, a cross section of 100 food and drink businesses in England and Wales were interviewed. Companies ranged in size, from less than 25m (SME), to between 25m and 750m (mid market), and more than 750m (global corporates) annual turnover. References: 1 - Food and Drink Federation, FDF Manifesto FDF Economic contribution and growth opportunities, June Mansion House 2017: Speech by Chancellor of the Exchequer, June UK Food and Drink International Action Plan Issue date: September 2017

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