3i companies expect turnover to rise, investment to fall

3i’s Q2 2003 Barometer has reported mixed results for its portfolio companies. The Barometer surveys confidence and expectations among 3i-backed, European businesses. On a positive note, half of these companies expected sales to increase during the second quarter of 2003. The balance (excess of positive over negative expectations) anticipating an increase in turnover (+33%) was higher than in the Q1 survey (+29%). Optimism increased most in Spain and Italy, and fell in France. 3i-backed companies are also marginally more optimistic about their profitability prospects, compared to Q1. Less positively, the proportion of companies expecting to increase the amount they invest this quarter has fallen to a new low. The UK investment balance is at its lowest level for over ten years, indicating a sharp tightening of resources. Italy is the only country where most 3i-backed companies expect to increase investment. An index summarising companies’ views on the general political and business climate fell to a record low. The survey was undertaken while military action in Iraq was underway.

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