The results of a recent survey of Jersey’s financial institutions by the States of Jersey Statistics Unit show grounds for “cautious optimism” for the island's finance sector, according to Phil Austin, head of the finance industry’s representative arm, last week.
“The findings confirm what we have been saying which is that economic activity has picked up and there is a mood of cautious optimism within the Finance Industry,” observed Mr Austin, chief executive of Jersey Finance.
“Whilst overall profits for the Industry are still below the peak of 2000, it is significant that we are now seeing increases in the funds and trust sector. It is also encouraging to hear so many businesses anticipating profit increases in 2004,” he added.
The survey revealed that about half of all businesses are forecasting profit increases. However, Mr Austin cautioned that around a quarter of firms are expecting profits to decline, “so there is certainly no room for complacency and the industry must continue to work hard to contain costs, whilst competing effectively for new business.”
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