London businesses optimistic about growth next year

London businesses are looking towards 2014 with plenty of optimism, according to a new study.

Research from the Institute of Chartered Accountants in England and Wales (ICAEW) and Grant Thornton indicates that London’s thriving business district is experiencing little turbulence in wake of the recession, with most companies anticipating growth.    

According to londonlovesbusiness.com, firms around the capital have witnessed an average 3.6 per cent turnover growth and 2.3 per cent profit growth over the last year. They also employed 2.4 per cent more people in 2013 than the year before.  

The majority of companies enjoyed an increase in business over the last year and are now expecting to welcome even more good news in 2014.

On average, London businesses are forecasting 4.4 per cent growth in their profits over the next year and a 5.1 per cent increase in turnover. This could explain why business confidence in Q3 of 2013 was its highest level since Q2 of 2010, when signs of a recovery for Britain were just starting to emerge.   

Ian Smart from Grant Thornton told cityam.com: “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.”