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Grant Thornton: Profit Forecast Remains Steady Amid Shaky Economic Outlook
- According to a survey from Grant Thornton, CFOs still anticipate net profit growth despite a significant drop in confidence due to ongoing economic and political volatility.
- A total of 79% of CFOs anticipate growth in net profits over the next year, a 10-quarter high, while just over half (51%) are confident in their businesses' ability to meet demand goals, a 12-point drop from the firm's Q2 survey.
- Amongst the biggest uncertainties are meeting supply chain objectives and labour needs.
- The survey indicated a significant rise in IT and digital transformation spending, with 66% of CFOs planning to increase spending in this area marking a 15-quarter high.
- Generative AI for customer relationship management & development is popular.
- The survey also indicates senior finance leaders are increasing investments in sales and marketing at the highest rate with 56% expecting expenses to rise next year.
- 61% of respondents believe that the November U.S. election results may prompt changes in their business strategy with potential impact on the overall economy.
- 30% are accelerating investments in anticipation of the election, while 23% are delaying some investments until after the results are known.
- The survey demonstrates that regardless of changing political and economic conditions, CFOs remain optimistic and will continue to invest in areas they believe will create competitive advantage in the market.
- The Q3 2024 CFO survey by Grant Thornton engaged over 230 senior finance leaders.
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