UK CFOs Bullish on Revenue Growth in 2003
Almost 40 per cent of UK businesses are highly optimistic about their revenue growth in 2003, according to research findings from credit insurer GERLING NCM. Based on interviews with financial directors across a number of industry sectors, the survey said business services companies are the most bullish, with 63 per cent of respondents from that sector expressing high levels of optimism. Marc Jones, senior economist at GERLING NCM, said ‘Companies that have worked hard over the past year or so to get into competitive shape – reviewing their business procedures, keeping a tight rein on their cash flow and maintaining good credit control – are now in a position to feel relatively optimistic. They have cut costs down to the bone, and are now focusing on sales to grow their business.’ Although keeping costs down is still a very important way of maintaining margins, with 74 per cent of respondents citing this as highly important, many CFOs also focusing on more active business development methods. Seventy-five per cent say that finding more customers is still highly important; and product development is still highly important to 62 per cent of respondents.