Professional Services sector reports business volume increase

 |  By: Steve Johnson

The CBI’s report of today’s date shows that the UK professional services sector continues to perform well.

Rain Newton-Smith, CBI Director of Economics, said:

“Business conditions and demand seem to be holding up reasonably well for the services sector, although many consumer firms are feeling the pinch from rising costs. Encouragingly, employment growth remains steady and services firms have signalled they will continue to keep investing in new technologies and skills.”

Raine Newton Smith of the CBI

Key facts: Business and Professional Services

Business volume is up

36% of firms reported a rise in business volumes in the last three months, compared with 23% saying they were down. Business values also expanded.

Business optimism takes a slight dip

22% of companies said they were more optimistic regarding the business situation, compared with 27% saying they were less optimistic.

Profitability is up slightly

26% of firms said the overall profitability of business was up on the previous quarter, and 24% said it was down. Profitability is expected to improve in the three months to August.

Employment is strongly up

34% of businesses said numbers employed were up on three months ago, whereas only 8% said they were down. A balance of +32% expect numbers employed to go up in the next quarter.