PwC: CEOs in Cyprus are more confident about their revenue growth prospects over the next 3 years
31/1/2013 9:48
PwC’s 16th Annual Global CEO Survey
According to PwC’s 16th Annual Global CEO Survey, 59% of CEOs in Cyprus are not confident about their company’s prospects for revenue growth over the next 12 months. Just 6% of the survey participants stated “very confident” about their revenue growth prospects at a time where percentages reached 36% globally and 20% in the Eurozone. 40% of the respondents stated confident about their short-term revenue growth prospects.
However, CEOs in Cyprus appear more optimistic about their company’s prospects for revenue growth over the next 3 years. The percentage of CEOs who stated “very confident” reaches 25%, an increase of 22 percentage points compared to the percentage recorded last year. It is worth noting that CEOs in Cyprus are more confident (94%) regarding their medium-term revenue growth prospects compared to CEOs in the Eurozone (82%) and globally (90%).
According to the findings of the survey, CEOs in Cyprus view organic growth in the domestic market and the development of new products or services as the main opportunities for growth over the next 12 months followed by new operations in foreign markets, organic growth in existing foreign markets and a new M&A, joint venture and strategic alliance.
As regards the economic and policy threats facing businesses today, 91% of the respondents are worried about the uncertain economic growth, while 88% are worried about the government’s response to fiscal deficit and debt burden, as well as the lack of stability in capital markets. The vast majority (91%) of the CEOs in Cyprus also expressed concern about their inability to finance growth, while 84% are concerned about the shift in consumer spending and behaviours.
To counter with these threats, 72% of CEOs in Cyprus are planning changes in their strategy over the next 12 months. 94% of Cypriot CEOs are planning to implement a cost-reduction initiative while their top investment priorities focus on growing their customer base and enhancing customer service.
97% of Cypriot CEOs believe that the government has not ensured financial sector stability and access to affordable capital, which was evaluated as a priority by the respondents.
The survey that was based on interviews with 32 CEOs from Cyprus was released during an event organised by PwC Cyprus, on Wednesday, 30 January 2013. The event included the presentation of the results by Mr Philippos Soseilos, Advisory Services Partner at PwC Cyprus and a panel discussion with Messrs Makis Keravnos, Chief Executive Officer of Hellenic Bank Group, Manthos Mavrommatis, Former President of the Cyprus Chamber of Commerce and Industry, George Papanastasiou, Managing Director of VTT Vasiliko Ltd and Professor Haridimos Tsoukas, Dean of the Faculty of Economics and Management at the University of Cyprus.
Mr Evgenios C Evgeniou, CEO of PwC Cyprus noted that “We live in a new reality and “we must learn to sail in high winds”. In order to achieve this, companies need to develop resilience and effectively manage the immediate impact of events with a capacity to adapt in changing conditions. Our survey aims to communicate the thinking and concerns of CEOs and stimulate a debate on the challenges faced by businesses today and their response. Economic recovery is dependent on having a vibrant and successful private sector, creating jobs and making investments for the future»
The findings of the survey are available on the website of PwC Cyprus at www.pwc.com.cy/ceo-survey
According to PwC’s 16th Annual Global CEO Survey, 59% of CEOs in Cyprus are not confident about their company’s prospects for revenue growth over the next 12 months. Just 6% of the survey participants stated “very confident” about their revenue growth prospects at a time where percentages reached 36% globally and 20% in the Eurozone. 40% of the respondents stated confident about their short-term revenue growth prospects.
However, CEOs in Cyprus appear more optimistic about their company’s prospects for revenue growth over the next 3 years. The percentage of CEOs who stated “very confident” reaches 25%, an increase of 22 percentage points compared to the percentage recorded last year. It is worth noting that CEOs in Cyprus are more confident (94%) regarding their medium-term revenue growth prospects compared to CEOs in the Eurozone (82%) and globally (90%).
According to the findings of the survey, CEOs in Cyprus view organic growth in the domestic market and the development of new products or services as the main opportunities for growth over the next 12 months followed by new operations in foreign markets, organic growth in existing foreign markets and a new M&A, joint venture and strategic alliance.
As regards the economic and policy threats facing businesses today, 91% of the respondents are worried about the uncertain economic growth, while 88% are worried about the government’s response to fiscal deficit and debt burden, as well as the lack of stability in capital markets. The vast majority (91%) of the CEOs in Cyprus also expressed concern about their inability to finance growth, while 84% are concerned about the shift in consumer spending and behaviours.
To counter with these threats, 72% of CEOs in Cyprus are planning changes in their strategy over the next 12 months. 94% of Cypriot CEOs are planning to implement a cost-reduction initiative while their top investment priorities focus on growing their customer base and enhancing customer service.
97% of Cypriot CEOs believe that the government has not ensured financial sector stability and access to affordable capital, which was evaluated as a priority by the respondents.
The survey that was based on interviews with 32 CEOs from Cyprus was released during an event organised by PwC Cyprus, on Wednesday, 30 January 2013. The event included the presentation of the results by Mr Philippos Soseilos, Advisory Services Partner at PwC Cyprus and a panel discussion with Messrs Makis Keravnos, Chief Executive Officer of Hellenic Bank Group, Manthos Mavrommatis, Former President of the Cyprus Chamber of Commerce and Industry, George Papanastasiou, Managing Director of VTT Vasiliko Ltd and Professor Haridimos Tsoukas, Dean of the Faculty of Economics and Management at the University of Cyprus.
Mr Evgenios C Evgeniou, CEO of PwC Cyprus noted that “We live in a new reality and “we must learn to sail in high winds”. In order to achieve this, companies need to develop resilience and effectively manage the immediate impact of events with a capacity to adapt in changing conditions. Our survey aims to communicate the thinking and concerns of CEOs and stimulate a debate on the challenges faced by businesses today and their response. Economic recovery is dependent on having a vibrant and successful private sector, creating jobs and making investments for the future»
The findings of the survey are available on the website of PwC Cyprus at www.pwc.com.cy/ceo-survey
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