London businesses forecasting 4.4% profit growth in next year

London companies are expecting significant profit growth over the coming year, and are at their most buoyant since 2012, according to new research.

They have seen 3.6% turnover growth and 2.3% profit growth over the past year, according to a survey of London businesses by the Institute of Chartered Accountants in England and Wales (ICAEW) and Grant Thornton.

The London businesses surveyed are on average forecasting 4.4% profit growth over the next year, and expecting turnover to grow by 5.1%.

The research suggests that London businesses are feeling more confident now (as of Q3 2013) than they have since Q2 2010.

They have also employed 2.4% more people in the past year.

Ian Smart of Grant Thornton said: “From the discussions we are having with London businesses, these findings certainly better reflect the mood, and the improvement in operating conditions they are experiencing. The business environment is steadying.”

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