Professional services sector leads 2017 growth charts

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The professional services industry is anticipating strong growth in 2017, with more firms expecting to increase their turnover this year compared to any other sector, according to research by business data website Company Check

Its Business Census 2017, which surveyed 1,300 companies at the end of last year, found that 75% of those in professional services expect their turnover to grow this year, 10% higher than their reported growth in the 2016 survey and above the national average of 73%.

This is despite overall concerns about political challenges over the year. Nationally, concerns about political events almost doubled compared to 2016, with it being named the biggest challenge ahead by one in three (30%), an increase of 90% on the year before. For professional services that figure was even higher, at 34%.

However just 24% of firms that were asked from professional services said that Brexit had had a negative impact on their business since the vote to leave, lower than any other sector and also below the national average of 30%.

The economy topped the list of concerns in this sector for 2017, at 35%, in line with the UK average, while recruitment was a lower issue for the professional services industry compared to any other.

Local government support for business activity was deemed not good enough across all professions, with dissatisfaction reported by 70% of UK firms, an increase of 10% in a year. For professional services, that figure was 64%.

Katie Deverill, operations manager at Company Check, said: ‘The Business Census lets us take the temperature of the professional services industry to understand the big challenges they’re going to be facing during the next 12 months.

‘What’s clear is that company leaders here are confident about growth this year, and are yet to see the downsides of Brexit, at least not on the scale some had feared before 23 June.’

Pat Sweet | Reporter, Accountancy Daily [2010-2021]

Pat Sweet was the former online reporter at Accountancy Daily and contributor to the monthly Accountancy magazine, pub...

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