NORTH East businesses are optimistic about future growth prospects, in spite of the current economic situation, says the latest research from Santander Corporate Banking.
The average company in the region with a turnover of £20million or less expects revenue to grow by more than half over the next five years.
But business owners are more cautious about longer-term growth prospects than they were a year ago, when the average five-year growth expectation was 109 per cent.
Craig Iley, regional director for Santander Corporate Banking, said: “While business owners in the North East remain cautious in the short term, focusing on survival against an uncertain economic background, they are clearly optimistic in their long-term prospects.
“Many think survival is about holding on to their cash but in order to promote longer-term growth, businesses need to invest.”