UK services companies’ profitability decreased in the first quarter, to the lowest since late 2013, the Office for National Statistics showed Wednesday.
The net rate of return for the services industries fell to 17.2 percent in the first quarter from the revised estimate of 18.4 percent in the fourth quarter. This was the sharpest decline in a year and plunged to its lowest level since the fourth quarter of 2013.
Similarly, the net rate of return for the manufacturing sector fell to 15 percent from the revised estimate of 15.9 percent a quarter ago. Despite the fall, this was still the third-highest value for manufacturing since comparable records began in 1997.
Meanwhile, private non-financial corporations’ net rate of return rose slightly to 12.6 percent from 12.5 percent in the preceding period.