MNB: SME revenues recover from March low by June
Companies saw their revenues fall to 63% compared to their pre-pandemic levels in March but by June revenues on average increased to 77% of the level before the pandemic, according to an online survey conducted by the National Bank of Hungary (MNB) among Hungarian SMEs and micro companies after the two months.
In March, 63% of survey participants reported delays among their suppliers but the rate fell to 19% by the end of June. In March just 2% of the respondents were planning new hires but the rate rose to 21% by June. At the same time the share of companies planning layoffs dropped from 30% to 5%.
The survey showed that in March 46% of companies directed their employees to work from home, 44% introduced part-time employment and 43% used scheduled holidays to retain workers. 47% of the respondents said telecommuting was not an option, mainly because of the nature of their activities.
In June, 14% of respondents said they would delay investments funded by credit, down from a 33% share in March.
The pandemic has caused liquidity problems at around 40% of respondents. In June 41% of the respondents said they could remain solvent for more than a month if an eventual second wave of the COVID 19 would cut their revenues again, slightly more than 38% three months earlier.
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