Firms optimistic of growing market share abroad

Firms optimistic of growing market share abroad

Michael McAteer, managing partner at Grant Thornton: Heartening to see businesses remaiing optimistic.

NEW data from Grant Thornton Ireland has revealed that Irish businesses are optimistic about growing their market reach abroad in the coming 12 months in spite of ongoing concerns around Brexit.

Grant Thornton global research shows that almost a third (31%) of Irish businesses expect to grow their exports in the coming 12 months while just 9% of businesses surveyed said they expected their exports to decrease.

In addition, 27% of businesses expect to grow their revenue from non-domestic markets with 16% of businesses also expecting to increase the number of non-domestic markets they sell to.

Speaking of the latest findings, Mick McAteer, Managing Partner at Grant Thornton Ireland, said: “It is heartening to see that Irish businesses are remaining optimistic about the coming 12 month period despite anxieties which remain around Brexit, particularly as negotiations are down to the wire at present, and following a year of disruption caused by the pandemic.

“With more than a quarter of businesses expecting to grow their revenue in non-domestic markets, it suggests that although the UK’s exit from the EU single market will impact Irish businesses, they remain confident they can weather that storm.

“What’s great to see is that in addition to the businesses expecting revenue growth from abroad, their optimism for the Irish economy is also notable. Grant Thornton research shows that 61% of businesses surveyed are optimistic about the Irish economy over the coming 12 months. Really, this data shows the resilience of Irish businesses as they face the knock-on effects of Brexit over the coming year.”

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