Distribution remains a major contributor to growth, performing well above pre-pandemic levels.
Other key stats:
- Significantly, revenues have grown to 13% above pre-pandemic levels
- Book to Bill for the quarter was flat at 1:1
- Some key markets showing continued decline with communications -34% and mass transport -15%, however most markets have bounced back with data processing +53%, Utilities +14% and test & measurement +30%
- Distribution up 12%, matching overall 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.
A copy of the ITSA Q1 2023 Report is available for download and for further information on ITSA: https://itsa.org.uk/
