There were welcome signs of an improvement in the fortunes of Scotland's hard-pressed small and medium-sized enterprises (SMEs) in the third quarter when output and new orders increased, according to a survey.
The first upturn in activity for a year, recorded in the latest SME Index produced by PKF, indicates a marked improvement in conditions since the second quarter, when the accountants said output and orders hit five-year lows.
Although research by the Scottish Chambers of Commerce suggested that while life was getting easier for services players, manufacturing remained in the doldrums, PKF said confidence improved across the board.
However, the optimism was qualified by fresh evidence that Scottish firms lagged behind rivals across the UK and by a warning that the pressure on margins that has plagued SMEs remained intense.
