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SMEs enjoy strong 2014

Three-quarters of SMEs maintained or increased their turnover in 2014, research by LV has revealed.

The survey of nearly 800 SMEs found that 75% saw their profits rise or stay the same over the last 12 months.

More than 4 in 10 (41%) said their turnover increased during 2014 while 34% reported they had maintained 2013 profit levels.

The survey also revealed:

  • 3.4% of total SME owners started their business during 2014
  • 21% of SMEs hired more staff over the last 12 months
  • 4% recruited their first employee.

Mike Crane, commercial lines director at LV= Broker, said:

"SMEs are the lifeblood of the British economy and it is great to see that so many have increased their turnover in the past year and taken on more staff."

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