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Deloitte CFO Survey

Autumn/Winter 2024 Report

Greater sense of caution among Irish CFOs

 

Business sentiment among Irish CFOs is on the decline, with optimism over financial prospects dropping in the last six months.

The latest wave of the Deloitte CFO Survey, which surveyed almost 2,000 senior finance leaders across 27 European countries, highlights a greater sense of caution among finance leaders, but the majority still expect to see revenue growth and an increase in operating margins in the coming year.

Key concerns among finance leaders include retaining skilled talent, economic outlook, cybersecurity, and increasing regulations. Despite this, CFOs are continuing to prioritise expansionary strategies, including digital transformation, to drive supply chain efficiencies and organisational agility.

Download the full report above for analysis from our experts on:

  • Revenue outlook
  • Cybersecurity
  • Digitalisation and transformation
  • Foreign Direct Investment (FDI) landscape 
CFO Snapshot:

Since the last wave of our Deloitte CFO Survey, finance leaders have continued to face both internal and external disruptors. External factors such as geopolitical uncertainties, rising costs, tightening of the labour market, regulatory changes and more recently, political elections, have compounded to create a greater feeling of uncertainty.

Irish finance leaders are now less optimistic than their European counterparts, with our survey indicating that levels are now 10% lower than the European average of 29%. This is in stark contrast to the Spring 2024 survey, where Ireland was more optimistic than the European average. Several factors may be contributing to this heightened sense of caution, including economic and geopolitical uncertainties, coupled with tight financing conditions.

Over 80% of Irish CFOs feel that now is not an opportune time to take on additional risk, with retaining and attracting skilled talent cited as the top business risk, moving up from third place in the Spring 2024 survey. As employment reaches 75% and the labour pool tightens, it is important for organisations to consider both their retention strategies around top talent and also workforce planning to ensure the right capabilities are identified early to go to market.

Tom Hynes, Consulting Partner and Finance & Performance Lead, shares his insight into the next steps for CFOs:

"While CFOs are right to be cautious, it is positive that the majority remain hopeful about revenue growth over the next 12 months and over a third still expect an increase in operating margins. A significant proportion also plan to cautiously increase capital expenditure, reflecting a measured investment approach.

CFOs need to adapt to evolving regulations by maintaining robust compliance systems and proactively managing regulatory risks. Combining investment in this area with enhanced operational resilience and sustainable development is a prudent approach that should position companies well for future success."

Explore the European CFO Survey Autumn/Winter 2024 report here

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