Bank says survey shows 'remarkable resilience'
Sustainable performance, employee empowerment and digital adoption.
Those should be the focuses of Island businesses following the Covid-19 pandemic, according to a new report by HSBC Commercial Banking.
The annual 'Navigator' survey compiled the views of over 10,000 companies in 39 countries and territories.
The findings show that 8% of businesses say they're more profitable than they were before the Covid-19 outbreak, and 45% expect to return to pre-Covid profitability by the end of 2021.
Meanwhile, 28% and 11% of businesses expect it will take until the end of 2022 and of 2023 respectively just to claw back ground lost during the pandemic, while 6% are looking at 2024 or beyond.
Aline Ayotte, Head of Commercial Banking, HSBC Channel Islands and Isle of Man, said: 'Companies in the islands have proven remarkably resilient in weathering the turmoil brought by Covid-19, but this new environment will significantly shape their decisions to invest, to embrace technology, and to target future growth.
'What they all recognise is that responsibility, resilience and reputation underpin long-term success.'
Ministers to meet with LVA to discuss hospitality concerns
Looneys of Ramsey to close
Trade is good, but it's still a struggle to make a profit, says local business
Villiers Square development plans approved
Developer offers Newson's building to government 'free of charge'
Financial education course launched through UCM
