BusinessCompany NewsFewer businesses struggling, says KPMG

Fewer businesses struggling, says KPMG

Fewer businesses have shown signs of struggling in the last two months signalling the end of the slowdown in the economy, according to figures released today by KPMG.

The figures for January 2002 showed a 16% drop from December 2001 and the month before companies struggling dropped by 19% over the peak numbers in November.

Showing signs that the effects of foot and mouth and BSE are subsiding, fewer businesses in the food and agriculture sector issued negative announcements. The transport, hotel and tourism sectors also proved their business was returning to normality.

Retail benefited from strong consumer demands, although more in December than in January.

But the aerospace sector was still suffering from knock-on effects of 11 September and the automotive and manufacturing sector was also continuing to struggle, with 59 companies reporting difficulties.

Philip Davidson KPMG Head of restructuring said: ‘Overall the message from the Mandis figures is positive and there are signs that the 2001 ‘dip’ bottomed out during the last quarter.

‘With problems continuing in automotive, manufacturing and aerospace it is clearly going to be the case of ‘the survival of the fittest’ with these hard hit sectors.’

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