The Deloitte CFO Survey
2013 Q1 results
Fewer risks, greater optimism
The first quarter's Deloitte CFO Survey, published on 16 April 2013, shows a sharp fall in uncertainty and rising optimism and risk appetite among UK corporates.
Key findings
- CFO optimism has risen for the third consecutive quarter, taking it above its average for the last five and a half years. Corporate risk appetite is at its third highest level.
- Fears of a euro breakup have receded, despite the survey period having coincided with the crisis in Cyprus.
- Perceptions of economic and financial uncertainty have fallen to the lowest level since early 2010.
- Credit availability is at its highest level in five and a half years.
- CFOs' balance sheet policies are becoming less defensive, with less emphasis on cost cutting and cash. Breaking the results down we find that this has been driven by companies with strong overseas exposure which have become markedly more expansionary in the way they run their balance sheets. UK-facing corporates remain in defensive mode.
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About the Deloitte CFO Survey The Deloitte CFO Survey, launched in 2007, is a quarterly survey of Chief Financial Officers and Group Finance Directors of major UK companies. Over 300 CFOs, mainly from FTSE 350 companies, have joined the CFO Survey panel. The Survey captures shifts in UK CFOs' opinions on valuations, risks and financing and has become a benchmark for gauging financial attitudes of major corporate users of capital. The Deloitte CFO Survey has been widely quoted in the media and is firmly established with policymakers. The Bank of England has cited the CFO Survey several times in its publications such as the quarterly Inflation Report and the monthly Trends in Lending report. The findings have also been quoted in the minutes of the Bank's Monetary Policy Committee meetings. To join our panel of CFO respondents and to receive copies of this report, please contact Tulaine Trimble. |
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