Manufacturing covers everything from food production and printing to metalwork, furniture and electronics, so averages hide a wide spread. Still, the ONS figures for 131,295 manufacturing businesses, turning over £685.4bn in 2024, show a clear pattern. Most of each £1 goes on materials and bought-in services, and a lot of cash sits in stock.
| 2024 | All manufacturing |
|---|---|
| Businesses (VAT or PAYE registered) | 131,295 |
| Total turnover | £685.4bn |
| Average turnover per business | £5,220,000 |
| Staff costs, % of turnover | 16.7% |
| Bought-in goods and services, % of turnover | 68.3% |
| Left after staff and bought-in costs, % of turnover | 15.0% |
| Stock held, in days of purchases | 71 days |
Source: ONS Annual Business Survey, 2024 results (published 26 May 2026). It covers businesses registered for VAT or PAYE, so the smallest sole traders are not included. Averages are pulled up by the largest firms. For sole traders and partnerships, the owners’ own pay is not in staff costs: it comes out of what is left.
Stock and work in progress averaged about 71 days of purchases. That includes raw materials, part-finished work and finished goods waiting to be sold.
All manufacturing: turnover rose 21% between 2019 and 2024, against a 24% rise in consumer prices, so it fell behind inflation. The number of businesses fell 4%. Staff costs went from 16.6% to 16.7% of turnover, and what was left after staff and bought-in costs went from 14.9% to 15.0%.
The comparison is with all manufacturing. Your own part of manufacturing may differ.
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