Growth continues in UK service sector
09 May 2008
Not all areas of the UK economy are contracting. In fact, companies in three different sectors say business has never been better.
Growth is buoyant in the telecoms, business-to-business and migration markets fuelled by drivers that will not be halted by economic slowdown. During tough times these are the companies that businesses, families and working people now turn to.
Across UK credit crunch is forcing businesses, local authorities, major institutions and high street stores to cut costs, increase efficiency and boost productivity. New technology is the answer as sales in the telecoms market continue to expand at record levels for one company.
"We've experienced major growth every year since formation and have seen no decline in sales during 2008. Right now we're trading 110% above expectations," says Chris Berry, director of Leeds-based Liquid Voice, whose telephone call recording products are used by businesses, local authorities and major institutions across UK. "We estimate our area of the market will grow 10-fold in the next few years, whatever the economic conditions".
New products that help companies save money are in great demand during a downturn, as shown by one Nottingham-based company.
"Our business management product is used by companies to help make them more efficient," says Phil Morris of RedcastleCRM. "One customer told us his company now saves over £80k a year in salaries because our fully automated product does the work of three people. In the current climate, no company can afford to ignore such a saving. We've seen significant expansion over the past five years and so far in 2008 our business is running above growth predictions. We see no sign of a slowdown".
When times get tough many seek a new life abroad. Increasing numbers of workers and their families now wanting to move to countries such as Australia are fuelling record growth among UK-based service companies involved in migration.
"Enquiries from UK migrants have risen 400% in the past 12 months and show no signs of slowing," says Darrell Todd, ceo of thinkingAustralia.com, the UK's leading migration company. "We're hiring more staff to cope with demand. We are generating record sales but we're also spending more money: on new staff, vehicles, IT, advertising, phones, business services, travel and hotels. The money we spend - over £2m a year - goes back into the UK economy". Says Todd: "If the country is grinding to a halt, how come traffic and motorway jams are getting worse?"
Source: Channel News 05/09/2008