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Turnover stable for 80pc of SMEs

More than 80pc of SMEs have reported increased or stable turnover, a Government-backed survey has found.

The survey of 1,500 businesses found that trading conditions continue to improve for small and medium-sized businesses, with 84pc of companies surveyed responding that turnover has increased or remained stable. Some 30pc said they have increased staff.

Finance Minister Michael Noonan said that despite improving conditions, demand for credit remains low at 31pc of the 1,500 companies surveyed. "Crucially, the approval rate by the banks has continued to improve with 86pc of applications approved when 'pending applications' are excluded," Mr Noonan said.