Telecoms firms upbeat on economic prospects

August 20, 2017

UK-based technology, media and telecoms (TMT) firms are increasingly confident about the future of the economy, new research has discovered.

A poll by Stoy Hayward found 30% of UK TMT businesses are more confident about the prospects for the coming quarter than they were for the previous quarter.

Meanwhile, 38% reported confidence holding steady. Just 32% declared a fall in confidence.

The biggest concern for companies was project deferral, with 42% of firms reporting this as a worry.

Three in ten, meanwhile, are concerned by reduced customer demand.

Other worries cited included non-paying customers, fiercer competition, lack of available credit, and keeping hold of talented staff.

“TMT has undoubtedly felt the impact of the economic downturn and the resulting slowdown in technology spending,” said Julian Frost, head of TMT at Stoy Hayward.

“However, companies in this sector have worked hard to introduce a number of cost cutting measures in order to reduce overheads across the full range of business functions.”