Firms investing in AI see boost to productivity and profits
Companies in the East of England which are integrating artificial intelligence into their business are seeing marked improvements in their performance, according to a survey from Lloyds. Some 81 per cent of firms investing in AI technology in the region increased productivity and 31pc reported higher profits over the past 12 months, says the bank’s ‘business barometer’. The findings come as investment in the sector accelerates, with almost two thirds of East of England businesses saying they have invested in AI. Customer service roles have benefitted the most by AI, followed by sales teams. Most firms spent less that £25,000 to boost their AI capabilities although some were spending significantly more. Nearly half of firms who reported a profit boost from using AI saw an uplift of 11pc or more. Kirsty Sadler, regional director for the East of England at Lloyds, said: “It’s clear that the East of England’s firms see AI as a strategic advantage that’s delivering real benefits in terms of productivity and profitability. As firms adopt this new technology more widely, they will need clear oversight and robust processes to ensure these tools are used responsibly and transparently.”
Separately, Anglia Ruskin University and Cambridge-based global semiconductor and software design leader Arm have opened the ARU Arm AI Lab in the city. Made possible through a donation from Arm, the new facility is in the university’s school of computing and information science on its East Road campus and includes powerful computers built on Arm. The technology will enable researchers and engineers from both organisations to collaborate more closely on AI innovation.
Photo: At the opening- Robert Iannello (left) and Dr Rebecca Ellis of Arm and Prof. Laurie Butler of ARU.
Water minister ‘turns the tap on’ for region’s new strategic pipeline
Water minister Emma Hardy MP last week ‘turned on the tap’ for the Wherstead and Great Horkesley section of Anglian Water’s new strategic water pipeline which serves the Ipswich and Colchester region. The project is one of Europe’s biggest environmental projects and the most significant in the company’s history. The newly-opened 27.7km stretch of pipeline is part of a multi-million-pound 320km long water network that will extend from north Lincolnshire to Essex and go into full supply before the end of the decade. The complete grid will allow between 15 and 55 million litres of water to be moved from ‘wetter’ to ‘drier’ parts of the region. Emma Hardy said: “…This major investment will help move water around the region more effectively, strengthening resilience to drought and supporting one of the fastest-growing parts of the country. The skilled staff and apprentices I met today are vital in delivering this impressive project, which is part of the wider £104 billion plan to build new reservoirs, cut leaks and ensure our water infrastructure is fit for the future.” The new project forms part of Anglian Water’s wider programme of work worth £11bn – its largest ever and was delivered by the Strategic Pipeline Alliance involving Anglian Water, Costain, Farrans, Jacobs and Mott MacDonald Bentley.
Mid-sized firms look to government-backed finance to fund growth
Mid-sized businesses in East Anglia are turning to government-backed finance to fund growth in a high-cost environment as they diversify their sources of capital, according to a bi-monthly economic engine survey from BDO. Nearly half (45 per cent) are exploring government-backed finance and more than a third are looking to self-fund through the likes of bootstrapping, rather than rely on external support and working capital. While investment intentions remain strong at firms – with most aiming to increase UK investment over the next 12 months – cost pressures and access to finance remain the biggest brake on growth. Peter Harrup, regional managing partner at BDO in East Anglia, said: “Stronger access to capital is crucial if that investment is to materialise. This could include more financial incentives for investors to address persistent funding gaps for scaling companies, continuing momentum on the government’s new PISCES initiative and action to reduce the tax-led bias towards debt financing.”
Manchester-based customs & trade specialist opens office in Felixstowe
Brightfinch, a Manchester-based specialist consultancy in customs and international trade, is opening a new strategic office in Felixstowe. Managing director Neil Bird said: “Felixstowe is one of the UK’s most significant trade hubs. Establishing a permanent base here allows us to support our growing client base in this region. We see this expansion as a natural evolution of our growth and a vital way to deepen our connection with the businesses driving international trade, through more regular site visits and meetings.”
Founder Holly Tonge added: “Opening in Felixstowe is something of a full circle event for myself, as this is where I began my career in 2002. It’s not just about the location, it’s about understanding the ever changing challenges our clients face and being an active part of the community that keeps the country moving.” The company, which started trading in 2018, held an official launch event earlier this month at its new premises in Orwell House. The firm helps businesses navigate complex global regulations and has a team of former HMRC officers and industry veterans.
Co-managing directors appointed at family-founded Norfolk fruit-growing company
Place UK (Norfolk), one of the country’s leading fruit growers and suppliers of individual quick frozen (IQF) produce, has appointed co-managing directors, for the first time in its 72-year history. Linda Evans and Matt Smith (photo) step up from commercial director and finance director, respectively. Founded in 1954 by John Place, the company is one of the UK’s leading growers and processors of high-quality strawberries, raspberries, cherries, blackberries, and British-grown rhubarb. During peak fruit-picking season, up to 630 people are employed at the business. Matt Smith said: “We share the belief that our people are our most important asset, and we’re looking forward to empowering colleagues to continue delivering an exceptional range of products and services to our customers”.
Linda Evans added: “I’m looking forward to jointly leading this ambitious family-founded business as it continues a high growth trajectory.” An on-site processing and packing facility, including IQF, supplies ingredients solutions such as fruits, pulses, grains, rice, and beans to some of the biggest names in the industry.
Law firm strengthens agriculture and estates team as it sees ‘increased demand’
Law firm Howes Percival has strengthened its agriculture and estates team in Cambridge with the appointment of legal director Olivia Chalmers as demand grows for its services. She acts for a range of clients advising on all aspects of property law and has a dual specialism in both commercial & agricultural property and corporate transactional work. Her experience also includes business acquisitions and disposals. Anna Spriggs, partner, agriculture & estates, said: “We are very focused on expanding the agriculture & estates team’s presence in Cambridge and despite economic and geopolitical uncertainties, the team is seeing increased demand for their services. Olivia’s specialism in property disciplines alongside corporate transactional work, will be hugely relevant as the team handles a significant amount of restructuring for farming businesses.”
Photo (l-r): Olivia Chalmers, Anna Spriggs, Sophie Wiseman, Susanna Hall.
Suffolk businesses ‘ready to seize’ opportunities in India
A recent Suffolk Chamber event “From Strategy to Success: A Practical Guide to Trading with India” highlighted the support available to businesses looking at entering or expanding in one of the world’s fastest growing major economies. Koyas Miah, international trade manager at the chamber, said: “Suffolk businesses are increasingly thinking globally, and India presents one of the most exciting growth markets…. Through our India Trade Office and events like this, we’re giving local companies the insight, confidence, and connections they need to build meaningful, long-term partnerships in a fast-evolving market. The opportunities are real—and Suffolk is ready to seize them.”
Photo: The Trading with India event held at Ipswich Town FC.
Team of volunteers from accountancy firm makes ‘massive difference’
Volunteers from accountancy firm Scrutton Bland last month rolled up their sleeves once again to give something back to local communities. Through a volunteering initiative, every member of the firm’s teams across its Ipswich, Colchester, Bury St Edmunds and Norwich offices is given a paid day each year to support a local charity or community project. Two groups spent the day supporting St Helena Hospice in Colchester. One team headed to the Stanway donation centre where they helped sort through donated items and prepare them for sale in the hospice’s charity shops – a key source of funding. Another group visited the hospice grounds at Highwoods to lend a hand with painting to help create a more welcoming outdoor space for patients and visitors. Earlier in the year, a team from the firm’s Ipswich, Bury and Norwich offices spent a day volunteering with Green & Glory in Diss, helping the team with practical work on a community growing project. Steve and Andi from Green & Glory said: “Thanks to the team from Scrutton Bland for coming and volunteering with us for the day. It has been a massive boost to our project, and we cannot believe how much you managed to achieve in one day.”
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