A newly published report shows that over half of the family firms in the UK are anticipating that they will grow their companies during the course of this year, despite the pandemic.

The report was carried out by PricewaterhouseCoopers (PwC), and it found that a majority of UK family companies are expecting they will boost their profits during the remainder of this year. A total of 53% of the firms that took part said that they were expecting to see profit growth by the end of 2020. While this may seem surprising given the challenges of the pandemic, the report found that 53% of them managed this last year at the height of the COVID-19 crisis.

More than eight out of every 10 family firms surveyed by PwC also said that that they anticipate expansion through improving their profit margins during 2022.

Speaking to Consultancy UK, one of PwC’s private business partners, Suzi Woolfson, said that observers should not be surprised at this, as previous research had shown that family businesses were more adaptable in the face of difficult circumstances. She then went on to add that:

“They think about the longer term, but they can also make decisions quickly in the moment – and crucially, they can implement those decisions at pace.”

Woolfson pointed out that many family firms had upped their production rapidly where there was real demand for their products or services. Such companies can also get targeted support in a crisis from a family business accountant in Doncaster or wherever they are from.