Irish business leaders most pessimistic on Covid recovery

Irish business leaders are the most pessimistic in relation to the time it will take for their businesses to recover from the coronavirus pandemic, according to a global survey, which also shows more than a quarter expect revenues to drop by 25 per cent or more.

The findings are contained in the latest PwC CFO Pulse survey conducted last week. The survey, an ongoing poll of nearly 1,000 global financial leaders in 23 territories, seeks to identify the business and economic impact of Covid-19 and how businesses are adjusting.

Over a quarter of Irish finance leaders believe it will take more than a year for their businesses to recover from the pandemic – longer than any for other country participating in the survey and up from 17 per cent two months ago and just 11 per cent globally.

A further 40 per cent believe it will take between one and six months compared to 50 per cent globally.

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Some 76 per cent of Ireland’s finance leaders expect a decrease in their company’s revenues and profits this year as a result of Covid-19 compared with 80 per cent globally.

Of this over a quarter (28 per cent) expect this decrease will be 25 per cent or more. Fewer global companies (20 per cent) expect this level of revenue and profit reduction.

David McGee, strategy and markets partner with PwC Ireland, said companies were “clearly concerned about a new wave of infection and the impact on their financial position”.

“There is a need to remain focused on adjusting to this new normal, protecting your people and re-engaging your customers while at the same time pursuing new revenue streams through product and service innovation.

“Companies need to continue to do their scenario planning, and in particular now in light of a no-deal Brexit on the cards.”