Business
Welsh output nears stabilisation as contraction in new business slows
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THE HEADLINE NatWest Wales PMI Business Activity Index – a seasonally adjusted index that measures the month-on-month change in the combined output of the region’s manufacturing and service sectors – rose from 48.0 in December to 49.9 in January, to signal broadly unchanged output levels at Welsh businesses at the start of 2024.
The broad stabilisation in activity followed four successive monthly declines. Nonetheless, of the 12 monitored UK areas, only Wales and the North East posted a sub-50.0 reading. Where a decrease in activity was noted, Welsh companies linked this to further subdued demand conditions and a downturn in new orders.
Welsh private sector firms recorded an eighth successive monthly decline in new orders during January. Anecdotal evidence suggested the fall was due to subdued client demand and greater competition. That said, the rate of decline eased for the third month running to the slowest since last September.
The marginal drop in new orders contrasted with the UK trend which signalled a modest expansion.
Firms in Wales indicated strongly upbeat expectations regarding the outlook for output over the coming year in January. Greater optimism was attributed to planned investment in capacity expansion, new product launches and hopes of a pick-up in customer demand.
Although higher than the series average, the level of positive sentiment dipped from that seen in December and was lower than the UK trend.
Workforce numbers at Welsh firms dropped for the sixth month running in January, with companies cutting staffing levels at a steep pace. Although the slowest for three months, the rate of job shedding was sharper than the series average and contrasted with the UK trend. Moreover, the pace of decline was the quickest of the 12 monitored UK areas.
Lower employment was linked to the non-replacement of voluntary leavers and efforts to cut costs.
Welsh firms recorded a further drop in backlogs of work during January, thereby extending the current sequence of decline seen since May 2022. Panellists often noted that subdued demand conditions led to the sustained decrease in incomplete business.
Although the pace of contraction slowed to the weakest since April 2023, it was sharper than the UK average.
January data signalled a continued increase in input prices faced by Welsh firms. Manufacturers and service providers alike recorded an uptick in cost burdens, as the overall rate of inflation quickened to the fastest since May 2023. Higher input prices were linked to greater wage bills, alongside increased supplier and transportation costs.
Despite accelerating, the pace of increase was slower than both the UK and historic series averages.
Welsh businesses registered a further solid rise in selling prices at the start of the year. The pace of inflation was little changed from that seen in December and slightly quicker than the long-run series average. The uptick in output prices reportedly stemmed from the pass-through of greater costs to customers.
The rate of increase was among the slowest of the 12 monitored UK areas, however, and faster than only Northern Ireland, the North West and Yorkshire & Humber.
Jessica Shipman, Chair, NatWest Cymru Regional Board, commented: “The start of 2024 signalled more positive trends emerging from the Welsh private sector, as activity was broadly stable on the month and the contraction in new business slowed to only a marginal rate. Firms also remained strongly upbeat in their expectations for the year ahead, and future expansion in output.
“Nonetheless, businesses cut workforce numbers steeply as pressure on capacity dwindled further. Job shedding in Wales was the fastest of the 12 monitored UK areas, with firms looking to rein in costs and have a tighter control on spending.
“Although cost burdens rose at a marked and accelerated pace, the rate of inflation was below both the historic series and UK averages. Moreover, in a bid to secure new sales, companies raised selling prices at only a solid rate that was among the weakest across the UK and much slower than that seen over 2023 as a whole.”
Business
Curiosity kitchen to close doors as owner takes a ‘heartfelt pause’
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PEMBROKESHIRE’S beloved Curiosity Kitchen is set to close at the end of March, as owner Beverley Newman makes the difficult decision to step back from the business.
In an emotional statement, Newman expressed gratitude to her loyal customers, many of whom have described her venture as a hidden gem.
“I’ve always said that my best days were those spent with my most positive, supportive customers—the people who made this journey worthwhile,” she wrote. “Time and time again, I’ve been told that there’s nothing like my place in Pembrokeshire, that it belongs somewhere like Cardiff or even London.”
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However, despite the admiration for her work, she acknowledged that keeping the business going was no longer sustainable.
“To continue would mean treating this as a passion project rather than a viable business,” she explained. “With bills to pay and my own future to consider, I have to make the difficult but necessary decision to step back—for now.”
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Newman, who has run Curiosity Kitchen with a focus on creative, high-quality bakes, reassured customers that this was not a farewell, but rather a “strategic pause.” She expressed a desire to travel and gain fresh inspiration before potentially returning with new ideas and a different venture in the future.
“This isn’t failure. It’s simply a detour,” she said.
The announcement has prompted an outpouring of support from customers saddened by the closure but eager to see what the future holds for Newman.
In response to messages from well-wishers, she hinted that her distinctive flavours could soon be available at another Pembrokeshire venue.
Curiosity Kitchen is expected to close by the end of March.
Business
Karen Wood bids farewell to Dragon LNG after 15 years of community impact
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AFTER more than 15 years at Dragon LNG, Karen Wood, the company’s External Relations and Social Performance Manager, is leaving her role, marking the end of an era in the company’s extensive community engagement efforts. Her departure, effective today (Feb 28), concludes a journey that began in September 2009, during which she played a key role in fostering corporate social responsibility initiatives across Pembrokeshire.
Reflecting on her time at Dragon LNG, Karen highlighted the overwhelming support she has received from colleagues, educators, policymakers, and community leaders, describing it as “incredibly humbling.” She expressed gratitude for the collaborations and friendships built over the years and shared a special memory that encapsulated the impact of her work.
Emily’s story: A legacy of opportunity
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One of Karen’s proudest achievements is the Dragon Darwin Experience, an initiative aimed at inspiring and educating young people in Pembrokeshire. Among the many success stories from the programme, she recalled Emily’s Story, a tale that continues to resonate within the community.
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Emily was the first girl to take part in the Dragon Darwin Experience workshop in 2005, held at Pembrokeshire College under the leadership of then-principal Glyn Jones. Years later, in 2017, Karen commissioned Emily’s Story to support Dragon LNG’s application for the prestigious UBS UK Award for Education at the UK Business in the Community Responsible Business Awards. Competing against corporate giants such as British Land Rover, Greggs, Toyota UK, RBS, Hogan Lovells, and Amazon UK & Ireland, Dragon LNG made it to the final round, facing a grilling from an eight-person panel that included representatives from UBS, Goldman Sachs, Rothschild & Co, and Amazon UK.
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On July 4, 2017, at the Royal Albert Hall, Dragon LNG achieved a milestone moment—winning the award, becoming the only Welsh company to do so that year. While Emily was unable to attend the ceremony due to volunteering overseas, her journey exemplified the long-lasting impact of the programme. The award recognised Dragon LNG as a leader in corporate responsibility, demonstrating how business can drive positive social change.
“Your organisation is a powerful example of the difference business can make to address some of society’s biggest issues,” read a congratulatory message from Business in the Community.
Karen also revealed that an update to Emily’s Story was commissioned last year to celebrate the 20th anniversary of the Dragon Darwin Experience, ensuring the legacy continues to inspire future generations.
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Closing a chapter, looking ahead
As Karen bids farewell to Dragon LNG, she leaves behind a strong legacy of educational and community engagement initiatives that have touched countless lives. While this chapter in her career closes, she remains optimistic about the future and looks forward to seeing the ongoing positive impact of the programmes she helped establish.
“While this particular book is closing, I know the stories, lasting friendships, and connections we’ve built will endure far beyond my final day. I hope our paths will cross again, and I’ll be cheering you on as you continue to achieve great things,” Karen said in her farewell message.
Her departure signals a new phase for Dragon LNG and its community programmes, raising questions about what comes next for the company’s engagement initiatives. However, one thing remains clear—Karen’s contributions have left an indelible mark on Pembrokeshire, ensuring that the seeds of opportunity she helped plant will continue to grow for years to come.
Business
Businesses urged to enter Wales Business Awards as deadline looms
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BUSINESSES across Pembrokeshire and Carmarthenshire are being encouraged by Chambers Wales South East, South West and Mid to submit their entries for the highly anticipated Wales Business Awards 2025 as the deadline approaches.
The Wales Business Awards celebrate the best of business in Wales and local firms now have just one week to go until the entry deadline (Friday 7 March).
The awards are free to enter for both Chamber members and non-members and entries can be submitted by completing an online application form.
Gus Williams, interim CEO of Chambers Wales South East, South West and Mid, said: “The Wales Business Awards annually showcase the incredible work and achievements of the Welsh business community and 2025 is set to be another fantastic year!
“The only thing stopping the possibility of your business winning is not entering. There are so many successful businesses in Carmarthenshire who could have the chance to walk away with one of our prestigious accolades and we strongly encourage them to enter before it’s too late.”
There are 12 revamped categories for businesses to enter this year, including: Apprenticeship Scheme of the Year; Customer Excellence Award; Digital Business Award; Emerging Exporter of the Year; Equity and Inclusion Award; Global Business of the Year; Green Business Award; Innovation Award; Manufacturer of the Year; Outstanding Workplace Culture Award; Professional Services Firm of the Year; and SME Exporter of the Year.
The Chamber will also present ‘Wales Business of the Year’ at the ceremony on 12 June at Mercure Cardiff Holland House, which sees broadcaster Andrea Byrne return as host.
Entries can be submitted at https://cw-seswm.com/events/wales-business-awards-2025/ on or before Friday 7 March.
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