Australian firms saw increase profits in 2010
A new study has shown that 70 per cent of Australian firms increased their profits in 2010. The study, conducted by Macquarie Relationship Banking, went beyond the simple statistics to ask firms to advance reasons for the year’s successes. In response, 64 per cent of firms nominated increased revenue as a factor, 22 per cent pointed to cost cutting measures, and 43 per cent said that ‘efficiency improvements’ were a relevant factor.
The survey also found that 56 per cent of surveyed firms had increased their gross fees in the 2010 financial year, and expected to do so again this year.
The survey probably tells us more about small firms than bout larger ones, with many participants reporting revenue of less than A$4m per year.
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