More than a quarter of Irish businesses were not profitable over the last 12 months.

According to the Quarterly Business Monitor Survey of 1,000 business managers published by InterTradeIreland, cash flow continues to be a major concern for 67 per cent of all those surveyed, with 64 per cent also reporting a fall in demand over the last 12 months.

Despite the bleak findings of the survey, it also reports that businesses remain optimistic about their level of sales over the next 12 months.

It also highlighted the low number of companies seeking access to bank financing. Only 6 per cent of those surveyed had applied for an overdraft or business loan in the last three to six months, but of those that did, 68 per cent received a favourable response.