In its Q1 report for 2023, ITSA members have seen a 12% overall growth in sales, despite a decline in both the Communications and Mass Transport markets.
Distribution remains a major contributor to growth, performing well above pre-pandemic levels.
Other Key Stats:
- Significantly, revenues have now grown to 13% above pre-pandemic levels
- Book to Bill for the quarter was flat at 1:1
- Most markets have bounced back with Data Processing up 53%, Test & Measurement up 30% and Utilities up 14% – building on Utilities 46% growth in 2022
- Despite the overall growth, some markets continued to decline with Communications down 34% and Mass Transport down 15%.
- Distribution was up 12%, matching overall market growth
Overall, 2023 appears to have started positively for ITSA members, but with orders dropping we may see a flattening out in Q3-4.
Also, although there are conflicting market reports out now, with questions remaining about whether or not the UK is in recession, ITSA members and the industry remain resilient
For further information on ITSA: itsa.org.uk/
