Survey: Irish chief financial officers confident of growth prospects

Irish-based finance chiefs are the most optimistic in Europe, regarding their firms’ growth prospects, a new survey shows.

The latest CFO (chief financial officer) survey from accountancy firm, Deloitte shows that 25% of European finance heads are more optimistic about the financial prospects of their company than they were six months ago.

This figure is down from 33% in the first quarter of the year, while those saying they are actually less optimistic has risen from 18% to 23%.

However, Ireland comfortably bucks the trend, with 58% of CFOs here growing in confidence. Ireland also ranks highest in terms of firms expecting to see job growth at their companies, with 35% anticipating growth in this regard. Driving confidence is the feeling that next year’s general election will have a positive impact on education, fiscal policy and the workforce.

“Sentiment has fallen most in northern European economies including France, Germany, the Netherlands, and the UK consistent with the weaker export outlook for these countries. In contrast, Ireland’s economy is likely to become the fastest growing economy in the EU for the second year in a row.

“As a result, the findings show Irish CFOs are now refocusing on the opportunities that come with more favourable economic conditions,” said Alan Flanagan, partner with Deloitte .

“Organic growth is a higher priority over the next 12 months as opposed to expansion by acquisition, with the introduction of new products and services or expanding into new markets a top priority,” he said.