UK Corporate profitability during 2003 has returned to levels last seen at the tail end of the dotcom boom in 2000 according to the latest figures published by the Office of National Statistics (ONS) and analysed by Grant Thornton's Recovery and Reorganisation practice. Improved profitability levels amongst private non-financial corporations, recorded an average rate of return of 12.3% (up from 11.4% in 2002), the manufacturing sector of 7.9% (up from 7.4% in 2002) and the service sector of 15.1% (up from 14.3 % in 2002).
The final quarter of 2003 was particularly positive. Manufacturing companies recorded the highest net return in four years (8.6%) whilst service sector companies in three and a half years (15.5%). Private non-financial corporations, which for the second successive quarter recorded a net rate of return of 12.8%, had last recorded as good results back in the second quarter of 1999.
