Connect with us
Advertisement
Advertisement

Business

Welsh output nears stabilisation as contraction in new business slows

Published

on

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

Ferry Terminal ‘extremely busy’ due to ongoing Holyhead closure

Published

on

PEMBROKE DOCK Ferry Terminal has been experiencing significant congestion today as ferry services remain under immense pressure following the closure of Holyhead Port earlier this month.

The disruption, caused by storm damage, has rerouted ferry traffic through Pembrokeshire, leading to long queues and crowded facilities at the terminal.

The Herald can confirm that it has been very busy today with cars, lorries, and foot passengers queuing in large numbers. Staff are working tirelessly to manage the influx, directing vehicles and assisting passengers as they prepare to board the heavily booked ferries.

A spokesperson for the Port of Milford Haven said: “We are working closely with ferry operators and local authorities to ensure traffic flows as smoothly as possible, but the sheer volume of vehicles is causing unavoidable delays.”

Travelers are being urged to arrive early for their sailings and to remain patient as the terminal operates at full capacity.

Both Stena Line and Irish Ferries have increased capacity on their Pembrokeshire routes, deploying larger vessels, including the Stena Adventurer and the MV James Joyce, to handle the surge in demand.

From our position at the terminal, our photographer has captured photos showing long lines of vehicles, groups of foot passengers carrying luggage, and port staff coordinating efforts to ease congestion.

Authorities are advising non-essential travelers to consider rescheduling their journeys where possible and to monitor updates from ferry operators closely.

(Photos: Martin Cavaney/Herald)

Continue Reading

Business

52 homes to be built in Roch as scheme gets final sign-off

Published

on

THE FINAL stage of approval for a near-£10m Pembrokeshire residential development of 52 homes has been given the go-ahead.

Back in April, members of Pembrokeshire County Council’s planning committee backed an application by Wakefield Pembrokeshire Ltd for the development, which includes four one-bed affordable housing units, on land near Pilgrims Way, Roch.

18 objections to the scheme were received, raising concerns including an “inadequate” affordable housing level, it being a high density development for a rural area, a loss of green space, the size of some of the homes, and pressures on existing services and facilities, and fears it may lead to an increase in second homes.

Nolton & Roch Community Land Trust (N&RCLT) has raised its concerns about a lack of affordable homes at the development, calling for a 20 per cent affordable homes element, as recommended by policy.

An officer report for members, recommending conditional approval, said: “It is apparent that the proposed development is not fully policy compliant, insofar as it cannot deliver the indicative 20 per cent affordable housing sought [by policy].

“However, a substantial positive social impact will arise through the provision of housing, including four one-bed affordable housing units, in meeting identified needs for both market and affordable housing.

“Financial obligations identified to mitigate adverse impacts arising from the proposed development cannot be met in full. However, [policy] acknowledges that in such circumstances contributions may be prioritised on the basis of the individual circumstances of each case.”

Speaking at the meeting, agent Gethin Beynon said the project had a “significant economic value” of around £10m, and the local applicant had “a sense of stewardship to the local community,” offering affordable housing and community infrastructure towards highways and education.

Approval was delegated to the council’s head of planning to approve the application, subject to the completion of a Section 106 planning obligation, making community financial contributions.

The Section 106 agreement was recently agreed, with the application now formally approved.

Continue Reading

Business

World of engineering and welding SPARCs interest in Ysgol Harri Tudur’s female learners

Published

on

AN EVENT hosted by Ledwood Engineering gave girls from Year 8 and 9 at Ysgol Harri Tudur first-hand experience of the world of engineering recently. 

Engineering is a booming sector in Pembrokeshire with a high demand for skilled workers in exciting career pathways associated with the development of low carbon and renewable energy industry and the Celtic Freeport. 

The young women heard from industry experts on the importance of engineering in Pembrokeshire, and had hands on experience using a welding simulator, at the company’s Pembroke Dock site. 

The learners are part of the County’s SPARC (Sustainable Power and Renewable Construction) initiative aimed as inspiring and empowering young females to consider careers in science, technology, engineering and mathematics (STEM) pathways where females are under-represented in the workforce. 

SPARC is funded through an alliance comprising Blue Gem Wind, Ledwood Engineering, Port of Milford Haven, RWE Renewables, Pembrokeshire County Council, Pembrokeshire College and the Swansea Bay City Deal. 

Mrs Laura Buckingham, SPARC practitioner at Ysgol Harri Tudur said: “Our learners had a fantastic experience at Ledwood Engineering.  They were given lots of advice by industry experts on the different career options and pathways within the engineering sector.  

“They appreciated the opportunity to ask their questions and found the session very informative. Having the chance to trial their welding skills on the simulator was an experience they continue to talk about and has definitely piqued their interest.”

Poppy Sawyer, Year 8 SPARC learner added:  ‘It was a really good trip. Talking to the different people there has helped me know more about the jobs we could get which will be very useful when making choices for my future.”  

 “They helped us a lot by giving us lots of information. We were able to look around and try welding. It was really fun,” added Tianna Marshall, Year 8 SPARC learner.

The Regional Learning and Skills Partnership also launched its Explore Engineering interactive website at the event.

Continue Reading

Business1 day ago

Ferry Terminal ‘extremely busy’ due to ongoing Holyhead closure

PEMBROKE DOCK Ferry Terminal has been experiencing significant congestion today as ferry services remain under immense pressure following the closure...

Community1 day ago

Festive celebrations at St Davids Cathedral this weekend

ST DAVIDS Cathedral is set to host two special events on Sunday (Dec 22), offering a blend of joyful participation...

News2 days ago

Ferry accident causes delay on new Dublin-Fishguard route

IRISH Ferries’ Isle of Innisfree sustained damage during arrival on Friday (Dec 20) at Fishguard port. The incident occurred as...

Entertainment3 days ago

River-themed lanterns light up Cardigan in spectacular parade

THOUSANDS of people flocked to Cardigan on Monday (Dec 18) for the much-anticipated Giant Lantern Parade, hosted by Small World...

Business3 days ago

Pembrokeshire care home group hit by £150,000 budget blow

A COMPANY with six care homes in Pembrokeshire has revealed it is facing a £150,000 financial hit due to controversial...

News4 days ago

Rift between Neyland councillors now ‘as wide as Grand Canyon’

THE DIVISIONS within Neyland Town Council deepened further this week after a controversial attempt to block an Extraordinary General Meeting...

Politics5 days ago

Pembrokeshire Long Course Weekend changes could be made

PEMBROKESHIRE’S annual Long Course Weekend triathlon event could be run on a different route in future, in an attempt to...

Business6 days ago

Wales’ biggest Specsavers store opens in Haverfordwest

SPECSAVERS HAVERFORDWEST has relocated to a larger, state-of-the-art premises in the Riverside Shopping Centre, becoming the largest Specsavers store in...

News7 days ago

Engine room fire caused by loose fuel pipe connection previously flagged

AN INVSTIGATION has been published into a fire that broke out in the engine room of the roll-on/roll-off passenger ferry...

News1 week ago

Heroes of the storm: How Council workers rallied during rare red wind warning

PEMBROKESHIRE experienced a weekend of extreme weather as Storm Darragh brought chaos to the region, prompting an extraordinary display of...

Popular This Week