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Companies look on the bright side

Local companies are showing "ambition and resilience" despite difficult economic conditions, according to a new survey from business advisory firm BDO.

The poll of medium sized companies across the UK, including Northern Ireland, revealed that the majority of NI businesses had ambitious expectations.

Three-quarters of firms said they were aiming for 10% year on year growth, with 85% revealing growth targets exceeding the rate of inflation.

Over a quarter (28%) of respondents are targeting 25% growth with 70% of companies considering or having completed an acquisition in the last 24 months.

Johnny Webb, head of corporate finance at BDO said predicted growth would work well for NI, as it becomes less dependent on the public sector and more reliant on the private sector for employment.

The survey also showed that 80% of firms are planning acquisitions while 65% are considering a geographical move.

Mr Webb said: "Acquisition can present a new opportunity for growth for a company. The recent purchase of NI based Duct products by Elta group is a good example of this strategy in action."