Business

More than half of Northern Ireland firms report fall in turnover

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MORE than half of Northern Ireland firms have reported a fall in turnover, with one-in-ten saying it has at least halved, according to new figures.

The latest Office for National Statistics survey of the impact of coronavirus revealed that 52 per cent of companies here said they saw a decrease in turnover for the two weeks to July 26.

Just 7.6 per cent said revenues were up, with a third (33.8 per cent) reporting that turnover had not been affected.

But one-in-five (20 per cent) said turnover was down between 20 and 50 per cent. Another 21.4 per cent said turnover decreased by up to 20 per cent.

ONS said the 34 per cent reporting no change in turnover in Northern Ireland could be the result of a lower participation among local businesses in the survey.

The survey revealed that 81 per cent of buinsess in the north applied for the Coronavirus Job Retention Scheme, with 97 per cent receiving funds.

Just 16 per of firms in the north did not apply for any schemes.

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

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

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Business