RESEARCH from Business Link Northwest reveals the key sectors that are thriving in the Cumberland and Westmorland Herald area are advanced engineering, energy and environmental and digital and creative.

The latest figures from Business Link show that of all the different sectors in the area, these three have a lower than average risk of failure.

In the advanced engineering sector, almost 70 per cent. of companies are below average risk. For energy and environmental, the figure is 67 per cent. and in the digital and creative sector, 54 per cent. of companies are at below average risk.

The food and drink sector in the Herald area has the highest percentage of businesses at above average risk, with 63 per cent. falling into the category.

Rural businesses are faring slightly better than those that are classed as non-rural. Fifty-three per cent. of rural businesses are at a below average risk of failure, while 54 per cent. of non-rural businesses are at an above average risk of failure.

Alan Smithson, a Business Link Northwest adviser who works with advanced engineering companies, said innovation was a key driver of the sector’s success. He said: “The most successful advanced engineering companies in this area are seasoned innovators, who take the time to look at what new offerings they can bring to existing and potential clients or how they can make savings through improved ways of working to increase their profits.

“These companies have realised that the danger with staying the same is that it only takes a new competitor to enter the market offering something you don’t or the same product or service at a lower cost, for your turnover to take a hit. They are also very good at exploiting opportunities and that is why the advanced engineering sector in the area is not just surviving, but actually thriving.”

The figures for the different sectors in the Herald area have been collated using Business Link’s Business Performance Index, which uses information from credit management company Experian to calculate the risk profile of businesses in the area.

Neil Geoghegan, director of corporate resources at Business Link Northwest, said: “By breaking the business landscape down by sector, we can identify the types of businesses that will benefit from support the most and target them accordingly. We have a team of specialist advisers that can work with companies to help them address challenges and can also support growing businesses with their plans for future growth.

“Our research reveals businesses that have sought intensive assistance are more likely to survive than those that don’t. Any firms that are looking to grow, develop and thrive, or just need some extra support, should contact us for advice.”

For more information on Business Link Northwest visit www.businesslink.gov.uk/north west or call 0845 00 66 888.