Irish CFOs more optimistic than others in Europe, survey finds

Just over 40% of Irish CFOs predicted they would 'increase significantly” or 'increase somewhat' their staff numbers this year.

Irish chief financial officers (CFOs) were found to be more optimistic than their European counterparts as they expect inflation to cool and revenues to grow this year, a survey found.

The latest Deloitte Spring Irish and European CFO survey also showed Irish finance leaders are cautious despite this optimism, as 57% anticipate a rise in revenue, which is lower than 64% of finance leaders in other parts of Europe.

Similarly, 33% of Irish CFOs foresee their operating margins rising somewhat or significantly over the next 12 months, which is lower than 42% elsewhere in Europe.

“While an uncertain economic future and the cost-of-living crisis has made the past six months challenging for businesses, there are plenty of positive indicators in this survey,” said Daniel Gaffney, partner at Deloitte.

The bi-annual Europe-wide survey benchmarks the sentiment of 1,366 CFOs based in 16 countries. The survey heard from 75 CFOs in Irish businesses across multiple sectors, including manufacturing, construction, and retail and from large organisations to SMEs.

Irish respondents also reported talent attraction and retention as a leading concern among finance leaders and is delaying the digitisation of firms and their environmental, social, and governance requirements due to a lack of ‘in-house’ skills.

Just over 40% of Irish CFOs predicted they would “increase significantly” or “increase somewhat” their staff numbers this year, which is higher than Europe’s 35% and a 22% increase for Irish CFOs from the last survey in autumn.