Boost to number of profitable small firms

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Small business profits are moving in the right direction in the UK

The number of small businesses that have reported an increase in profits over the last year has risen in the UK, growing to the highest proportion recorded since the onset of recession in 2008.

According to the results of the Small Business Survey 2014 from the Department for Business, Innovation and Skills, 78 per cent of UK small firms recorded a profit or surplus last year - the same proportion reported in 2007 and six per cent higher than the result for 2013.

Meanwhile, 40 per cent of companies revealed growth in their turnover over the last year and just 18 per cent reported a decline (down from last year's figure of 31 per cent).

The results were based upon the responses of 4,355 small and medium-sized firms in the UK that employ at least one additional member of staff.

When it came to employment statistics, the data also showed 22 per cent of respondents have taken on more staff over the last year - up from a previous score of 19 per cent - and one-third (33 per cent) have plans in place to take on more staff this year.

Responding to the announcement, business minister Matthew Hancock said: "Our aim is to make Britain the best place in the world to start and grow a business and this is now within reach.

"Small businesses are leading our economic recovery and we have thrown our weight behind them, like never before."

He added that the future looks bright for UK small business operators at present, with efforts to reduce the regulatory burden on firms continuing and ongoing government support for this group through the Employment Allowance.

It is now hoped this recent positive trend for small firm performance will continue and translate into a further boost for both business operators and the economy as a whole in the months ahead.