Business owners are becoming more confident about the future for the first time in a year, with expectations for sales and borrowing applications showing positive signs.

The Bank of Cyprus (UK) launched its Owner Managed Business Barometer in April last year. It registered four consecutive negative scores, with more bosses pessimistic than optimistic about their prospects.

But for the first time the barometer has swung into positive territory, with a (still modest) score of 0.09 in the last quarter. Half of respondents expect to see sale increase in the next three months, while six in ten said revenues would increase in the coming year.

Firms were also optimistic about their financial position, with two-thirds claiming to be satisfied with their borrowing commitments, while 39 per cent added that their bank would likely extend or increase lending facilities if required.

Tony Leahy at Bank of Cyprus UK said: “Owner managed businesses have an overall positive outlook about their business prospects as we approach the final quarter of 2014.

“It is especially encouraging to see that most businesses feel that their current borrowing commitments are at the right level for growth and that so many are confident that if they needed to, they would be able to access additional financing”