finance

Turnover tumbles for more than half of companies



More than half of firms in Scotland have reported a fall in turnover, according to new figures from the Office for National Statistics.

The survey of the impact of coronavirus revealed 57% of surveyed firms in the country saw revenue fall in the two weeks to July 26.

That compared with a UK-wide figure of 54% but the worst hit area was the north east of England, where 61% of companies in the region said that turnover has decreased.

Meanwhile, 54% of firms in Wales and 52% of Northern Irish firms saw lower turnover.

Across the UK, 32.2% of firms said that turnover has fallen by at least 20%, with 12.3% of companies saying it has fallen by more than half. More than a tenth said it had at least halved.

The new figures also revealed 10.9% of firms in the UK reported an increase in turnover despite the coronavirus pandemic.

The survey also showed that 29% of companies said operating costs were equal to or more than their turnover over the period.

It found 16% of companies said costs were higher than turnover, with another 13% saying these costs were equal to turnover as they battle tough economic conditions.



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