OMBs increasingly confident that growth is sustainable

The latest release of the Bank of Cyprus UK “Owner Managed Business (OMB) Barometer reveals that the majority of OMB respondents expect to see continued growth in their sales and revenue in 2014.

The research reveals that 55% of respondents anticipate sales growth over the next three months (up from just a third in April 2013), with 62% expecting to experience growth over the next 12 months.

Good economic news, coupled with a positive Budget for small businesses, has underpinned this confidence. Interestingly, this confidence does not appear to be dented by the prospect of a modest interest rate rise in the near future. Indeed 85% of respondents revealed that a rise in interest rates from 0.5 to 0.75 per cent would have little or no impact on their growth prospects, reflecting confidence that the established low interest rate environment is unlikely to derail the recovery.

Tony Leahy of Bank of Cyprus UK commented: “Our first OMB Barometer of 2014 shows there is a growing wave of positivity amongst OMBs, buoyed by increasing good news stories from across the economy.

“The key to any recovery is sustainability, therefore it is encouraging to note from our research that the vast majority of businesses feel able to weather any modest shift in interest rates as we move through 2014”.

For further information please contact:

Rachel Finlay, Teamspirit Public Relations, 0207 360 7877,

Kate Mallett, Teamspirit Public Relations, 0207 360 7877,

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