European tech companies expect to grow, but when?

London 2 April, 2003: About half of senior executives in European technology companies do not expect a recovery in the IT market until the end of the year according to a new survey conducted by specialist technology group, Eurocom PR Network. The survey findings indicate that an overall recovery in the technology markets is expected by 46% of respondents by the end of this year. 32% think recovery will be delayed until the first quarter 2004, 9% the second quarter while 10% gloomily predict the last half of 2004 or later (others are unsure).

Despite the majority of respondents believing the Iraq war will delay recovery there are some indications from the survey that the tech market may be over the worst. 54% of respondents expect an increase in revenues over the next six months, while 34% expected them to remain the same. Only 11% thought their revenues would decrease.

The study covered 147 executives in technology companies located in 12 countries throughout Europe, Middle East and South Africa and was conducted during February and March. Eurocom PR (www.eurocompr.com) claims to be the largest network of independent technology specialist PR firms in Europe, whose partners are working for over 300 companies in 31 countries.

The Eurocom survey suggests that the jobs situation in the tech sector may have stabilised with 50% of respondents expecting employment levels to remain the same over the next six months. One in three expect jobs to increase while 16% anticipate further job cuts.

Tom Burgess CEO and founder, Eurocom PR Network. "We live in a uncertain world, but the survey suggests hope returning to the technology markets. Vendors need to get ready to capitalise on this and get their marketing back on track even on a very tight budget. If revenues increase without an employment increase margins will improve. When this happens, then investment will increase and ultimately employment. We need to get back on track and start looking to the growth prospects, we need to be more positive about our market but at the same time remember the lessons we have learnt over the last two years."

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