Business
Welsh businesses optimistic despite challenges in Q2
BUSINESSES in Wales have demonstrated resilience and optimism in the second quarter of 2023 according to the latest Quarterly Economic Survey from Chambers Wales South East, South West and Mid.
The Chamber’s quarterly economic surveys are independent surveys of business sentiment and a leading indicator of UK GDP growth, with the results closely watched by policymakers.
The survey revealed a boost to business confidence in Wales in Q2, despite the ongoing challenges faced by the UK economy.
There were noteworthy improvements regarding cashflow, with fewer businesses experiencing worsening conditions compared to Q1. 31% of businesses in Wales reported an increased cashflow in the last three months, a figure higher than the national picture (25%).
Growing business confidence in turnover and profitability is also evident, with 60% of businesses in Wales expecting their turnover to improve in the next year and 53% predicting that profitability will also improve.
However, Welsh businesses continue to face challenges as 64% of firms stated that they are currently operating below capacity, primarily due to low order numbers for their goods or services.
Recruitment challenges persist, particularly for skilled manual, technical, professional and managerial roles, with 71% of businesses in Wales experiencing difficulties. Businesses are also under pressure to raise prices due to labour costs such as salaries.
Inflation also remains a top concern for businesses as although the peak appears to have passed, inflation figures did not fall as quickly as expected in April and stalled in May.
Paul Butterworth, CEO of Chambers Wales South East, South West and Mid, said: “Despite lingering challenges, the results of our latest survey highlight minor improvements compared to Q1, showcasing the resilience of the Welsh business community.
“It is encouraging to see Welsh businesses looking forward with optimism. We hope that this confidence can be sustained in Q3 and Q4 if inflation continues to ease, allowing businesses to have certainty to be able to invest in their future.
“However, as we see consistently in our surveys, businesses face barriers in the form of recruitment and skills which obstruct them from realising their growth potential. Action is required, whether that is support or investment, to help employers with skills development and training to support their existing workforce and attract new employees.”
Business
Paul Butterworth appointed Vice Chair of Regional Learning and Skills Partnership
Paul Butterworth, the CEO of Chambers Wales South East, South West and Mid, has been appointed as the new Vice Chair of the Regional Learning and Skills Partnership (RLSP) for south-west Wales.
Covering Carmarthenshire, Neath Port Talbot, Pembrokeshire and Swansea, the RLSP is dedicated to bridging the gap between education, skills, and regeneration. It aims to ensure that the skills provision is aligned with the economic priorities and opportunities of the region, as well as tackling the new skills landscape that is happening within the energy, construction, manufacturing and digital sectors.
As CEO of Chambers Wales, Paul brings a wealth of experience and a passion for the economic and skills development of Welsh businesses with him to the board.
As the voice of the business community with policymakers, Paul will advocate for enhanced skills training, infrastructure improvements and the creation of skilled jobs, all aimed at creating local economic growth.
Upon his appointment, Paul said: “I am determined to create a better and fairer business landscape for West Wales to ensure that the local economy has the best available skills development for future project development and the transition into the green economy and energy sector to ensure West Wales thrives.”
Jane Lewis, Regional Partnerships Manager at RLSP, said: “We are delighted to have Paul on the board. He will be instrumental in achieving our goals and look forward to the positive impact his appointment will have on the region.”
Business
Expansion for Ashmole & Co with acquisition of Jones Ward Accountants
CHARTERED, Certified Accountants, Ashmole & Co, are delighted to announce their expansion following the acquisition of JonesWard accountancy firm in Carmarthen.
Ashmole & Co Carmarthen has today taken over JonesWard who have closed their office in Lammas Street, Carmarthen. All JonesWard staff, including Ian Jones and James Ward, have transferred over to Ashmole & Co and will be based in the Old School, the Quay, Carmarthen.
JonesWard informed their clients that the administrative burden of running a practice had increased significantly over recent years due to the constant changing money laundering and tax regulations, software requirements and so on. Over the past 12 months it had become more challenging to maintain the level of service they had been used to providing.
Ian Jones said, “We feel Ashmole & Co share the same values as us and have the necessary expertise and resources to ensure we can continue to provide the personal touch and level of service clients have been accustomed to. Myself and James are not retiring but we will be supported by Ashmole & Co’s partners and staff from now on in their Carmarthen office.”
Ashmole & Co partners Sharon George, Carwyn Morgan and Vinal Patel will strive to ensure JonesWard clients will continue to receive the high quality of service they are used to.
Vinal Patel, Partner with Ashmole & Co said, “It is our priority to make the transition as smooth as possible with all employees of JonesWard having already transferred to Ashmole & Co and are now based in our office on the Quay in Carmarthen. We look forward to meeting our new clients and working closely with them to meet their needs in the future.”
Ashmole & Co Chartered and Certified Accountants have been established since 1897 and are one of the largest accountancies and auditing practices in south Wales, now operating from thirteen offices throughout south and west Wales including Swansea, Carmarthen, Haverfordwest and Ammanford.
Business
Dragon LNG explores integration of LNG and CO2 liquefaction processes
DRAGON LNG, based in Waterston, Milford Haven, recently announced a significant step towards sustainable energy solutions.
The company awarded a contract to Worley, global professional services company of energy, chemicals and resources experts, to conduct a comprehensive feasibility study.
The study is focussing on exploring the potential benefits of integrating LNG (Liquefied Natural Gas)
regasification and CO2 (Carbon Dioxide) liquefaction processes at Dragon LNG’s facilities. This integration holds promise for a more efficient operation, with the potential to reduce energy consumption, carbon intensity and the levelized cost of CO2 export not only at the Dragon site but also for Haven industry companies.
If feasible, the technology at Dragon would support wider collaboration with RWE Pembroke Net Zero Centre, whose CO2 would be transported to the Dragon facility for processing before being shipped via non-pipeline transport (NPT) to carbon sequestration sites.
Key aspects to be addressed in the feasibility study include:
- Technical Solutions: Worley will evaluate various technical approaches to seamlessly integrate LNG and
- CO2 liquefaction processes, ensuring optimal energy efficiency and effectiveness.
- Carbon Intensity Reduction: Dragon LNG is committed to sustainability, and the study will assess how the integration of processes can contribute to lowering the carbon intensity of operations, aligning with broader environmental goals.
- Economic Viability: Understanding the financial implications is crucial. The study will delve into the levelized cost of CO2 and other economic factors to determine the feasibility and financial benefits of the proposed integration.
Commenting on the partnership, a spokesperson for Dragon LNG stated, “We are excited to collaborate with Worley on this important initiative. As a responsible energy provider, Dragon LNG is continuously seeking innovative ways to enhance our operations while minimizing our environmental footprint. This feasibility study represents a significant step towards achieving those objectives.”
Worley’s expertise in engineering and consultancy services including in the CO2 and LNG sectors makes them an ideal partner for this endeavour. Their track record of delivering sustainability solutions aligns perfectly with the ambitious goals of Dragon LNG.
This collaboration underscores Dragon LNG’s commitment to driving sustainable practices within the energy sector. By exploring the integration of LNG regasification and CO2 liquefaction processes, the company aims to pave the way for a cleaner, more efficient energy future with their ambition of a net zero terminal by 2029.
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