Cambridgeshire businesses say trading prospects have improved over the past six months with most expecting to increase profits and take on more staff by the year-end, says a survey by Grant Thornton UK LLP. The poll marked the launch of Cambridgeshire Ltd 2013, Grant Thornton’s analysis of county’s top 100 businesses.
It showed more than two thirds (69%) of firms surveyed believe current business conditions are a little or much more positive than six months ago, while (59%) expect profits to rise and just over half (55%) expect to increase headcount over the next six months. A further two thirds of companies said they were either likely or very likely to make significant capital investment during the coming six month period. Paul Naylor, Practice Leader at Grant Thornton Cambridge, said: “Our survey strongly suggests that confidence amongst Cambridgeshire businesses is increasing, mirroring the signs we are seeing nationally as the economy slowly begins to recover.”
This optimism looks set to continue with the majority of those surveyed expecting to inject capital into their businesses and take on more staff over the next six months.
“This picture is not entirely surprising given that Cambridgeshire, amongst other plus points for businesses, is home to a world famous university and renowned tech cluster, producing an entrepreneurial climate that has really put the county on the map.”
When asked to name Cambridgeshire’s key strengths, almost two thirds of respondents (65%) cited the county’s university links, 62% said a highly skilled workforce and just under half (48%) stated the entrepreneurial climate.
On a less positive note, respondents said the main challenges to Cambridgeshire’s economic progress were poor road links (66%), a skills shortfall (45%) and inability to access finance (41%). However, over a third of respondents (38%) felt access to funding had improved over the past 12 months.
Further, more detailed analysis of how Cambridgeshire businesses are performing will be unveiled at the second annual Cambridgeshire Ltd results event which will take place on Wednesday 27 November.
The Cambridgeshire Ltd study analyses details such as operating profit and employment figures, and includes a breakdown of the financial data by sector. The top 100 companies are selected based on the postcode of their trading address and turnover levels.
To register your interest in attending the Cambridgeshire Ltd results event or t recieve a copy of the report, please e-mail This e-mail address is being protected from spambots. You need JavaScript enabled to view it .comSurge in optimism
Business optimism for economic recovery has surged over the past six months, says a business distress index from R3, the insolvency trade body. Some 53 per cent of UK businesses are now more positive about the health of the economy, compared to 39 per cent last March. The report also highlights falling levels of business distress across the East of England.
But R3’s eastern region Chairman Shay Lettice, a partner at Cambridge accountancy firm Peters Elworthy & Moore [PEM], said: “Whilst these statistics are encouraging, there is a slight disconnect between businesses’ optimism about the economy and their optimism regarding their own situation. While over half of businesses are more positive about the recovery of the economy, the number which rep
