Most respondents anticipated a fall in like-for-like sales in the first half of this year (compared with the equivalent period in 2008), with over a third (39%) expecting drops of more than 10%. However, a surprisingly high 20% of respondents were more upbeat and expected to grow their turnover in 2009, with 3% of respondents predicting growth of more than 20%. 14% of FDs expect sales to remain static.

Regionally the optimism was restricted to London and the South East with 26% of FDs expecting increased turnover, while 100% of businesses in the North East and 74% of firms in the North West expected sales to fall.

The results in Scotland broadly echoed the national average.

Firms able to benefit from sterling’s fall in value were the most positive about potential increases in turnover, while businesses in the leisure, property, motor industry and manufacturing sectors were the most pessimistic.