CFOs enter 2011 confident of growth

FEARS OF A double-dip recession have abated among chief financial officers, who have entered 2011 with a focus on growth.

Deloitte’s quarterly survey for Q4 2010 found senior finance professionals more confident than they had been over the previous two quarters. They estimated only 27% probability of a ‘double dip’ return to recession – significantly down from 34% in Q3 and 38% in Q2.

CFOs’ top priority for 2011 is expansion, either through new product lines or moving into new markets. More than half expect expansion outside of the UK to be the main driver for revenue growth over the next 12 months.

Appetite for risk has risen quicker than optimism, reaching its highest level since the survey started in Q3 2007.

“If 2010 was the year of balance sheet rebuilding and cost cutting, then 2011 looks set to be the year in which corporates start spending again,” said Margaret Ewing, Deloitte partner and vice chairman (pictured).