Tyke firms still ambitious

Oct 6 2008 by Henryk Zientek, Huddersfield Daily Examiner

YORKSHIRE firms remain ambitious despite the problems posed by the credit crunch, soaring raw material costs, changes in oil prices and falling consumer demand.

Almost 60% of firms in the region polled by the Institute of Chartered Accountants in England and Wales said the credit crunch was having a negative effect on their business – but 83% still listed business growth among their main objectives.

The survey found that Yorkshire firms were largely positive about their prospects, with just 14% expecting the impact of financial market instability to affect their organisation for more than two years,.

Asked about their business objectives, 61% of firms in the region put increased profitability at the top of the list.

Investment in staff, plant and machinery also rated highly.