A new survey from Enterprise Ireland has revealed that one in ten of its client companies have said that Brexit has cost their business over €100.000.
The survey was made up of Enterprise Ireland client companies attending International Markets Week (IMW), and also found that close to 5% of companies say that Brexit has cost their business over a quarter of a million euro to date.
Enterprise Ireland’s IMW, which opens today at the RDS, will host 650 client companies over three days where international Market Advisors will offer advise on global export opportunities in new markets in direct response to Brexit.
Regarding their concerns for Brexit, 33% cited currency fluctuations as their primary Brexit concern.
Others include tariffs (22%), Supply chain disruption (16%), and uncertainty over the general outcome (15%).
“Our research shows that Irish exporters are already feeling the negative impacts of Brexit through their profit margins,” Julie Sinnamon, CEO, Enterprise Ireland said.
“We have consistently said that the ‘wait and see’ approach is not an option and client companies are heeding this advice.”
International Markets Week
In 2018, 945 new overseas customers were secured by clients with the support of Enterprise Ireland, representing a 23% increase on the 770 new overseas customers recorded in 2017.
“This week’s International Markets Week programme gives exporters an opportunity to meet with our experts from the markets and evaluate the opportunities to accelerate their market diversification,” Sinnamon continued.
“As we draw ever closer to the potential of a hard Brexit, businesses must continue to find new markets and to innovate their products and services.”
According to the survey, the vast majority of businesses identified the Eurozone as the market they are planning to expand into, due to its size and growth potential.
In the first six months of 2019, over 200 client companies experienced significant Eurozone market engagement, and with 57 Irish companies establishing a new market presence in the Eurozone so far this year, almost double the amount compared to this time last year.
“Our continued priority is to ensure that Irish exporters prepare for a hard Brexit, and to take action now. This will be good for their businesses, irrespective of the outcome of the negotiations,” Sinnamon concluded.
© 2019 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click sign-up to subscribe to Checkout.