The bullish mood is highlighted in the latest research from the Electrical Contractors’ Association
The ECA’s Quarterly Business Trends Survey showed 78% of members saw turnover hold up or increase in the first quarter of 2015.
And that figure is set to rise with 84% expecting turnover to grow or hold over the next quarter and 86% expecting the same result over the next year.
Companies with an annual turnover of more than £5m are the most optimistic – 96% expect turnover to hold or increase over the next quarter and 92% expect the same result over the next year.
ECA Group CEO Steve Bratt said: “Our industry has posted a strong overall performance over the first quarter of 2015, which shows recovery has extended to building services.
“I would hope this will continue over the next quarter and the next year as public sector and commercial projects reach the stage where electrical and other specialist contractors are brought in.
“Despite the strong performance this quarter, late payment is still a massive issue for many of our members.
“A number of initiatives have been brought in over the last 18 months, including Public Contracts Regulations and an improved Prompt Payment Code.
“But while the Government’s aim of using the Prompt Payment Code to drive good payment practice is understandable, we urge it to be ready with prompt payment legislation – right across the commercial and public sectors – if this approach fails.”