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London businesses forecasting 4.4% profit growth in next year

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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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