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The Association for Consultancy and Engineering’s (ACE) annual 2009 ‘State of Business’ report has shown that while the consulting and engineering sector has had to deal with a difficult economic situation, new business opportunities have been identified.
62% of the businesses who took part in the UK-wide survey expect to increase their earnings in the UK energy sector. Firms are also looking at markets outside of Britain, with 56% of businesses forecasting that Western Europe will be their largest market of growth.
Nelson Ogunshakin, ACE Chief Executive, said: “With economic conditions easing somewhat it seems that the worst could be behind us. However, less bad does not necessarily mean good. Trading throughout 2009 and the first part of 2010 is still likely to remain weak, and difficult market conditions are still affecting business behaviour. Crucial industry drivers such as the investment cycle and public spending are still uncertain.”
The report found that the construction market faces a slow march back to full health, with increased competition and further pressure on fees expected.
Nelson Ogunshakin added: “Challenging times and tough decisions still lie ahead. However, levels of confidence and investment should begin to strengthen through 2010. Business planning needs to focus on the recovery and longer-term developments.”
-ENDS-
For press information please contact Simon Goldie on 020 7227 1892 or 07905 279328 – sgoldie@acenet.co.uk
Notes for editors
Report for media available on request.
Findings at a glance Over 150 ACE member companies took part.
The downturn
76% of businesses stated that the recession had affected their business strategy
60% of businesses indicated that the recession has had a negative impact on their businesses 31% of businesses do not expect the UK economy to return to pre-recession growth until 2011 Business 84% of businesses have seen a decrease in private sector activity over the last 12 months 68% of businesses have reduced their staff levels over the last 12 months 58% of businesses expect to increase investment in business development 25% of businesses see industry consolidation as a strong possibility over the next three years The marketplace 79% of businesses working abroad affirm that they are currently experiencing issues with late payment
62% expect to increase their earnings in the UK energy sector over the next three years 56% of businesses forecast Western Europe to be their largest market of growth 46% of businesses expect their fee levels to increase in the international energy sector
To listen to Geoff French, ACE Chairman, discuss the report in a podcast please click here.
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