No up-turn until mid-2010

Battle-damaged by a year of recession and plagued by poor liquidity, the UK’s largest firms will be unable to respond to the economic upturn when it emerges, according to research by Roland Berger Strategy Consultants. It found companies do not anticipate recovery until next year, but hit by poor turnover, an ongoing credit shortage, late-paying customers and pressure on interest cover, they will be unable to respond to the upturn for a further 6.5 months after the recovery begins.