Half of manufacturers here say they may have to shed a third of their workforces while many say they may not survive to the end of the year, according to a fresh survey.
And despite the widespread use of the Government’s Job Retention Scheme, around three out of five are currently “anticipating redundancies” while with more than half of firms are anticipating having to shed up to one third of their workforce.
That’s according to a survey of almost 200 firms, carried out by Manufacturing NI.
And while most manufacturers have some staff back, 13% are still to begin any form of production and of those back producing, one in three have less than half their workforce back.
The survey says just 6% of firms have seen an increase in turnover this quarter with 46% seeing turnover decrease by more than 50%. Two thirds of firms have seen a significant decrease in turnover.
And around one in eight firms say they don’t believe their business will survive until the end of the year.
One quarter of firms have received a grant or some financial support from Government, 73% have not had any cash support. Of the survey responses, 8% say they have received a £10,000 grant. There was also a strong call for better financial support for SMEs here.