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05 Mar 2010
Business optimism in the UK technology, IT and telecoms sector is on the up according to figures released by banking giant Santander.
The Santander Corporate Banking Business Confidence Index revealed that 82 per cent of technology, IT and telecoms company owners are confident over the prospects of their businesses for the first half of 2010. This is an increase on the 72 per cent that were optimistic at the same time last year. In addition, the figure is about the national average of 74 per cent.
A total of 15 per cent said they were "very confident", while 67 per cent are "confident" about the future. On the other hand 18 per cent said they were "not very confident" and five per cent were "not at all confident".
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Firms with a turnover of £25m and above appeared the most confident. A total of 81 per cent said they felt "very confident" or "confident" about their prospects.
A continuing squeeze on profits is holding back general business confidence, with 50 per cent of respondents revealing that profits fell in the second half of 2009, compared with 21 per cent that reported an increase. However, in the technology, IT and telecoms sector, 44 per cent of firms reported a decline in profit, while 28 per cent have seen rises.
The worst affected firms are those in the construction/building services sector with 70 per cent suffering a drop in profits in the second half of 2009. But firms supplying the public sector saw the biggest average increase in profits at 19 per cent. Average profit rises in the health/medical sector hit 17.6 per cent.
Steve Pateman, head of Santander Corporate Banking, said: “It is encouraging to see increased optimism in the technology, IT and telecoms sector, as it is one of the key indicators of increased business confidence in general. The official end of the recession marks a turning point but sustained recovery and growth will be challenging, requiring support from the banking industry.
“Santander’s strategy of building its presence in the UK corporate and commercial banking market is characterised by the focus we have on working with our customers to understand their businesses and provide solutions that reflect that understanding. We have seen a significant increase in the number of businesses that are attracted to working with us as they position their businesses for the future,” he added.
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