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These 12 companies have seen sales decline a staggering 15.2 per cent on average over the last year. A total of 67 per cent are now at high financial risk, according to Plimsoll Publishing, and on average all of these companies are loss making.

These companies tend to be the smaller companies and are seemingly getting left out of an otherwise healthy market. Current market growth for the industry is a healthy 12 per cent. Profitability is on the right side of the red line at 3.7 per cent.

Efficiencies seem to be good at the moment and sales per employee numbers are healthy at around 拢42,000 per person, says Plimsoll.

Comparing dismal performance with the exceptional, Plimsoll located 24 companies who grew way above the industry average with 22.7 per cent.

"These companies would definitely not consider themselves to be in a recession at the moment and who could blame them?" says the report.

For those three companies who are preparing for the worst in case of a recession, Plimsoll found overall debt had remained level. Although profitability is steady at 4.8 per cent, their compromise seems to have been sales growth. Last year saw a 15. 1 per cent drop in their sales.

Cavalier approach
"Motivation and future competitiveness for these companies should prove interesting," says Plimsoll.

"Perhaps the most captivating are those companies who plan on going for growth no matter what the cost if a recession hits. These 16 companies are growing at 11. 8 per cent on average. Like those companies most fearful of recession, all of these companies are on average loss makers. This cavalier approach to recession is no doubt brave but perhaps a bit too risky."

Plimsoll breaks down company attitudes into the four following categories:

"I'm in recession now"
22 per cent are losing market and profitability. These companies are finding the market tight and highly competitive.

"There is no recession"
44 per cent are showing no signs of recession at all. These companies are powering into the market and uncovering great returns.

"I'm preparing for the worst just in case"
5 per cent are adopting a steady approach and are using profits to pay off debts.

"I'll blast my way through"
29 per cent are going for it, striving for as much market as they can get. But they are showing poor returns for their efforts.

Concludes the report: "The fact remains some companies thrive in a buoyant market and others lose ground commercially and financially. It could be suggested that in this virtual game of snakes and ladders, companies fearful of sliding into recession might be the most attractive to acquirers."

Ring Plimsoll on 01642 257800.