Business confidence levels hit 5-year high

Confidence levels among Cork’s business community are at their highest for five years, with almost 60% of firms reporting turnover gains in the last quarter and comfortably more than 90% upbeat about their future prospects.

According to Cork Chamber’s third quarterly economic trends survey for 2014, 59% of companies reported an increase in turnover during the three months to the end of September, with 57% seeing a rise in net profit levels. Well over 50% also foresee further increases in both revenue and profit in the current quarter.

The latest monitor also shows positivity on the jobs front, with 40% reporting increases in employee numbers during the last quarter and the same percentage anticipating more hiring activity in the current quarter.

“Findings are reinforcing of wider national trends regarding the overall improvement in the health of the Irish economy and the record confidence level is a solid indicator of the appetite for growth and increased business activity as 2015 approaches,” according to Cork Chamber president Gillian Keating.

However, despite the good sentiment among local businesses, Cork Chamber has warned that companies still need more supports to enable their future growth while start-ups need more incentives.

Just under 20% of respondents said access to credit remains a problem, while nearly 27% said working capital is an ongoing issue. A quarter of responses suggested the budget will have a negative impact on entrepreneurship, with them branding it a “no change” budget.