Top UK finance directors in optimistic mood

Bank of England

Business Digest: Deloitte survey points to expansion, even new hirings

LAST UPDATED AT 09:25 ON Tue 4 Jan 2011

Finance directors of some of the UK's top companies have begun the New Year in bullish mood, hopeful of stronger revenues and profits, according to a survey by Deloitte. They are optimistic that there will be no double-dip recession and they're looking to expand. Some hope to increase capital expenditure and take on new staff.

Deloitte surveyed 126 CFOs, including those of 35 FTSE 100 companies. Margaret Ewing, vice-chairman of the financial services firm, said: "If 2010 was the year of balance sheet rebuilding and cost cutting, then 2011 looks set to be the year in which corporates start spending again."

The encouraging mood is in sharp contrast to that which caught hold in the second and third quarters of last year, when the eurozone debt crisis and fears of public spending cuts made for a gloomy outlook.

More than a third of CFOs interviewed by Deloitte said their companies were planning to introduce new goods and services or enter new markets.

Read a full report at the Financial Times. · 

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