Businesses in South West expect higher profits over 12 months, study says
BUSINESSES in the region expect higher profits over the next 12 months, according to a recent study.
The South West is on a rising trend with increased profits and turnover, the ICAEW Enterprise Survey 2012 has revealed.
In contrast to the rest of the UK, where gross profits growth is static, the South West is on a rising trend.
ICAEW (Institute of Chartered Accountants in England and Wales) regional director, Jon Blake, said: "It's reassuring to see such fortitude from our region's businesses.
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"The determination to grow profits and turnover this year is crucial, not just here, but for the UK as a whole.
"With our wealth of SMEs, the South West Enterprise Survey data is a good barometer for SMEs everywhere. More people in the UK are employed by SMEs than large businesses so their health is vital for the economy."
The figures reflect the region's stronger than average representation of SMEs, according to the report. SMEs tend to be more focussed on turnover as a key business objective than larger businesses are.
More than a quarter, 28 per cent, are eyeing turnover growth in the South West compared with fewer than a fifth, 19 per cent, nationally, the survey said.
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