Three out of four companies in Cork expect profits to remain stable (39%) or increase (36%) over the next 12 months, Cork Chamber’s latest Economic Trends Survey reveals.
Cork Chamber chief executive Conor Healy said 76% of members were confident about their financial future, a slight fall on the 78% who expressed confidence in Q1.
The survey found there has been a sharp rise in the number of companies not requesting finance from banks over the preceding quarter.
“Seventy-three percent of respondents say they have not sought bank finance over the last three months, up from 59% in the period covered by the Q1 survey; 52% of members now say they believe their bank is supporting their business adequately, the highest level since the question was first asked in Q2 2011, when 40% of respondents said they believed their bank was supporting them adequately,” said Mr Healy.
Of those who applied to their bank for new or additional credit facilities, 69% were successful or partially successful (down from 74% in Q1) and 7% were unsuccessful (up from 3% in the Q1survey), with 23% of those who applied awaiting a decision.
“We call on all businesses seeking loans to complete the application process and if they are unhappy with the results appeal to the Credit Review Office,” he said.
© Irish Examiner Ltd. All rights reserved