Confidence levels amongst owner managed businesses (OMBs) is at its highest level since the Owner Managed Business (OMB) Barometer report from Bank of Cyprus UK was launched in early 2013.
More OMBs have a positive outlook than at any other time in the past year, with nearly half of respondents (46%) expecting sales and revenue to grow in the next quarter, compared to less than a third (32%) in our second report in July 2013.
Looking further ahead, more than half (56%) of OMBs expect their sales and revenue to increase over the next 12 months, up from 43% in our second report.
Recent reports that next year’s GDP will return to pre-crisis levels, is reflected in the research findings. Whereas in our second report in 2013, 70% of respondents believed the economy was not in good shape, this figure had dropped to 50% at the end of the year.
The recent increase in optimism amongst small business owners is more than welcome, as they have had little to celebrate for the last five years. Two in five (39%) OMBs say they have won new contracts in the last six months and over a tenth (12%) have entered new sectors in the UK.
Tony Leahy at Bank of Cyprus UK, commented: “Given the difficulties OMBs have faced since the recession hit, it is encouraging to see small businesses winning new business and actively growing.”
“However, there is clearly still a long way to go. It is therefore vital that OMBs and their banks continue to work closely together to ensure this upward momentum is maintained.”
To download a copy of the OMB Barometer research report from Bank of Cyprus UK visit www.bankofcyprus.co.uk/business
For further information please contact:
Rachel Finlay, Teamspirit Public Relations, 0207 360 7877, email@example.com
Kate Mallett, Teamspirit Public Relations, 0207 360 7877, firstname.lastname@example.org