US State Market Index: Letterpress or offset ink

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US State Market Index: Letterpress or offset ink
Market Briefing, July 2006, 475 €

Description

The metrics in this report cover three year trends in Letterpress or offset ink [Manufacturing sector], broken out on a state-by-state basis.
Analysis is based on data applied from 20 industry firms.
Industry market vitality measures for each state are benchmarked against US averages for the industry, creating easy comparison of state-by-state performance.
Industry sales are detailed for both company-wide headquarters data and locally generated sales levels.
The report also compares proprietary measures in each state and the US, including failure rates, entrepreneurial activity and new branch development rates in the industry.

Sommaire

State Market Index Contents
P1-3 Introduction and context for the measures
P4:Industry population and segmentation
P5:Establishment,company and branch failure rates
P6:Total industry sales volume (reported and locally generated)
P7:Average annual reported sales
P8:Average annual generated sales
P9:Startup activity, new branch development,employment concentration
P10:Overall Index
P11:About the data

This report examines the UK market for accountancy and related services. Four broad sectors are covered: audit and accounting (called business assurance by the major accountancy firms); taxation and legal services; corporate finance and business recovery; and management consultancy.

Key Note estimates that the total UK market for accountancy and related services increased in value by 10.7% in 2005, to £17.73bn, and sales are forecast to grow by almost 10% in 2006. For accountants, the years 2005 and 2006 may well prove to be the best years of the first decade of the 21st century. Growth is being driven by factors such as changing accounting rules for listed companies, changes to taxation legislation, an increase in the volume of regulations governing limited companies and a boom in activity in the City of London (mergers, flotations, private equity deals, etc.), all of which have boosted demand for the services of accountants.

The UK accountancy market is dominated by four global accountancy firms (the `Big Four'), which audit almost all of the top 100 public limited companies (PLCs) and most of the top 350 PLCs. Beyond the `Big Four', there are many `mid-tier' accountants, including some very substantial firms, which are showing increased confidence in their ability to win large contracts.

Issues of current concern to the accountancy sector include auditor liability, increasing regulation of public companies and accountancy firms, international accounting standards, skill shortages and the dominant position of the `Big Four' accountancy firms. Another issue is the future institutional structure of the profession. The major professional bodies in the accountancy sector have not always been very adept at working with each other, seeing each other as rivals for membership, rather than partners in a profession that needs to be heard in the portals of Whitehall and Brussels. In November 2005, a proposed merger between two of these organisations collapsed, and in July 2006 the Chief Executive of the UK's leading accountancy institution, the Institute of Chartered Accountants in England and Wales (ICAEW), announced his resignation. Whoever succeeds him will be responsible for helping to shape the future of the profession.

Key Note forecasts continued strong growth in income from accountancy and related services in 2006 and 2007. Thereafter, the market is likely to grow at a slightly slower, though still very robust, rate. Few accountants are likely to go out of business. This really is a strong sector.

The revenue generated by UK airlines is estimated to have reached £15bn in 2005, a 1.9% increase on 2004. The number of passengers carried by UK airlines increased by 8% to 124.3 million and the number of seat kilometres used was up by 8.8% to 290.48 billion.

Air passenger transport is undertaken on both scheduled and non-scheduled services. Scheduled services comprise the largest and fastest-growing sector, mainly due to the popularity of low-cost flights. The number of passengers travelling on non-scheduled services fell in 2005, due in part to the continuing trend for consumers to make their own travel arrangements rather than travel on package or inclusive tours.

BAA PLC, the world's largest operator of airports, is very much in the news at present. The company is currently the subject of a takeover bid, and BAA's dominance of Britain's airport market is being investigated by the Office of Fair Trading (OFT), which is interested in whether the joint ownership of the London and Scottish airports is in consumers' interests. Many airlines, including Ryanair Holdings PLC (Europe's largest low-cost airline) and Virgin Atlantic Airways Ltd, have argued that BAA has monopoly control over London airports and should be broken up.

The scheduled air services sector continues to be boosted by the ongoing expansion of the budget airline sector. These operators continue to increase the number of flights they offer, airports they fly from, and destinations they serve. With the expansion of the EU in 2005, low-cost services to and from these new destinations are proving to be particularly popular.

Key Note forecasts that the number of passengers carried by UK airlines will continue to increase in the second half of the decade. This growth is expected to come from the scheduled sector, which will once again be boosted by demand for low-cost flights. Passenger numbers on non-scheduled flights are expected to slip back further. Further increases in the price of oil, government taxation and air travel, and higher airport charges, are likely to be among the factors that will affect the industry up to 2010.

Beer is the most popular alcoholic drink in the UK, accounting for 48% of total spending on alcoholic drinks. The UK beer market was worth £20.14bn in 2005, 16.1% more than in 2001. The market divides into lagers (with 68% of the market value by 2005) and the domestic dark beers, such as ale and stout.

Pricing competition has intensified in the take-home channels for beer, whereas pubs and clubs, responsible for 84.2% of the market value, have been able to increase prices regularly.

Market share concentration is increasing, not only by brewer, but by brand, with giant brands like Stella Artois and Carling gaining share at the expense of lesser brands. Scottish & Newcastle (S&N) is the market leader, with 27% of UK beer sales, but the next three largest companies are all foreign companies: Coors of the US (owner of Carling lager), InBev of Belgium (Stella Artois brand), and Carlsberg of Denmark. However, globalisation works both ways, and S&N is itself a major multinational, as is UK-based Diageo (producer of Guinness stout).

The regional brewers remain important as guardians of British brewing heritage through thousands of local pubs, and `real ales' remain widely available.

The UK's per capita consumption of beer is not unduly high, despite media impressions of a binge-drinking culture, and the total volume of consumption is fairly stable over the long term. However, the trend continues from standard-strength beers to the more expensive, premium beers, helping the market value to grow.

The maturity of the market means that future changes are unlikely to be dramatic, although the new licensing regime for retailing alcohol — since 2005 in England and Wales — could influence the pattern of drinking significantly. On the supply side, governments are unlikely to allow further mergers between the major players.