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Midsized firms quick to the cut.

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Almost 60 per cent of medium-sized businesses have seen their turnover and net profits fall over the past quarter, according to an online survey of more than 600 CIMA members and students in the UK and Ireland. But these companies have been quick to cut costs by reducing their overheads (59 per cent); negotiating lower prices with suppliers (18 per cent); managing spending on training; and, in some cases, reducing staff numbers.

The research, completed in June, was CIMAs second quarterly survey of mid-sized companies. It showed that more respondents were confident about the future performance of their businesses.

When asked to consider the next quarter, most respondents said that they had already made many of the necessary cuts. They expected to continue reducing costs where possible-36 per cent intended to trim overheads further. Most were focusing on consolidating their position and preparing for the upturn. Firms have cut training budgets substantially and just under a quarter of respondents said it was harder to find people with financial...

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