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28 December 2012 | Anna Reynolds
Increased confidence in the UK economy in 2013 will see CFOs expanding their firms into international markets, according to a survey by American Express.
The survey of 200 UK CFOs and senior finance executives at global companies, carried out in November 2012, found 78 per cent of finance directors expect higher profits in 2013 compared to 2012.
The findings revealed a shift from cost saving strategies towards making investments to drive growth. Over half (61 per cent) of respondents are prioritising investments in revenue generating activities, while only 35 per cent are opting for cash preservation to protect their bottom line.
Further, finance executives see 2013 as an opportunity for international expansion, with 72 per cent stating they have plans to expand in international markets and 56 per cent looking to spend more on this type of investment than they did last year.
Brendan Walsh, senior vice president of global corporate payments Europe at American Express, said in a statement: “CFOs are displaying a nimble approach in balancing their organisations’ costs with the need to invest in areas to generate increased revenues and to deliver on their growth agenda.
“The increasingly global nature of the economy has significantly increased new business opportunities for UK plc and it is clear that companies are focused on making sure they are well placed to leverage this significant growth opportunity.”
Further, 56 per cent of finance executives reported investments in new technology and products as a key part of their spend for 2013 while more than three quarters of respondents (77 per cent) anticipate the UK economy will see flat to moderate growth next year.