A survey of Chief Financial Officers (CFOs) across New Zealand has shown a surprisingly strong outlook for growth over the next year, despite facing economic challenges.
The inaugural Hunter Campbell Mood of the CFO Survey revealed that 30% of CFOs feel optimistic about their company’s performance in the next 12 months, expecting modest to strong growth.
Meanwhile, 42% anticipate challenging conditions but still see opportunities for growth, 12% expect stable results, and only 16% feel pessimistic about the year ahead.
Infometrics Chief Executive and Principal Economist, Brad Olsen, said the survey also highlighted solid performance over the past year.
While 21% of CFOs reported revenue declines and 29% reported profitability declines, 41% met or exceeded their revenue growth targets in 2024, and 37% achieved or surpassed their profit growth targets, indicating resilience despite rising costs.
Lee Marshall, Managing Partner at Hunter Campbell, said, “We’re pleased to gain deeper insights into how CFOs across New Zealand are feeling and what they are focusing on.
Over the next year, 92% of CFOs expect to deal with macroeconomic factors beyond their control and are focusing on profitability, cash flow, and costs. At the same time, 48% are looking to identify the right investments for growth and leverage technology, showing their forward-thinking approach.”
The survey, conducted by Insights Exchange in partnership with Tax Traders and Infometrics, had 173 senior finance professionals respond between 13 June and 26 July 2024. It aimed to capture the perspectives of CFOs, who play a crucial role in business strategy and performance.
Nicola Taylor, Co-Founder of Tax Traders, said the survey results underscore the evolving role of the CFO.
“Only 3% of CFOs believe their role should be purely focused on traditional compliance and finance. The modern CFO is now seen as a leader, not just of the finance team but within the broader company culture, contributing commercial acumen and leadership,” she said.
Other key findings from the survey include:
– 60% of CFOs are experiencing significant work stress.
– 60% find it challenging to source the right talent for their teams.
– 93% believe their value is evident through building stronger and more capable finance teams.
– 91% agree their impact is visible across the entire business.
– 81% say modern CFOs need commercial and business acumen.
– 72% believe that people leadership skills are essential for modern CFOs.
– The economic outlook among CFOs is mixed, with 36% expecting the economy to decline, 35% predicting it will remain the same, 23% believing it will improve, and 6% finding it hard to predict.
The full Hunter Campbell Mood of the CFO Survey report is expected to be published in the coming weeks.
