Hampshire: R3 reports positive outlook for technology and professional services

The South East’s technology and IT, and professional services sectors are both performing better than the UK average in terms of financial stability, according to a group of Hampshire insolvency experts.

The Southern Committee of R3, which brings together insolvency practitioners from local accountancy, legal and recovery firms, has revealed that the proportion of tech and IT, and professional services companies in the region with a higher than normal risk of entering insolvency are below the UK averages.

The research, compiled using Bureau van Dijk’s ‘Fame’ database of company information, tracks the proportion of businesses across key sectors that have a heightened risk of entering insolvency.

Andrew Watling, chairman of the southern committee of R3 and a director at Quantuma in Southampton, said: “There is currently the highest number of active companies in over a year in the technology and IT, and professional services sectors, and it is a welcome indicator to see them performing better than the national average.

“These figures paint a positive picture for businesses in the South East but, as many industries struggle in the first three months of the year, it’s not yet time to rest on our laurels. We will continue to keep an eye on the figures over the next two months and urge these companies to seek professional advice if they need it.”