Majority Of Irish Companies Believe In Growth Opportunities After Brexit
The majority of Irish food and drink companies believe they will still have opportunities to increase sales in the UK after Brexit.
The sentiment comes from Bord Bia’s latest findings in its Brexit Barometer, which also found that 60% of respondents are still unsure about what the impacts of Brexit will be.
Down But Not Out
73% of companies surveyed have taken some steps to address potential outcomes, while 54% of companies are now tailoring marketing strategies for the UK market, a significant rise from 39% in 2017.
Alertness to supply chain issues has also seen a major uptake. 67% of respondents expressed awareness of their supply chain partners’ readiness for Brexit, more than double the 2017 figure of 32%.
85% of respondents are actively seeking out business in new markets with 75% reporting sales growth beyond the UK in the last year.
“With the second half of 2018 set to provide some long-awaited answers to the difficult questions Brexit poses, the Barometer confirms that the majority of Irish food, drink and horticulture companies are now actively planning for its arrival,” said Bord Bia CEO Tara McCarthy.
“We can say with confidence that this is not an industry that views Brexit as a challenge to address another day or one that expects solutions to ultimately be provided by others.”
She added, “A key message that I hope will accompany these findings is that those who are actively responding to the challenges of Brexit now are also building their potential for better trade outcomes in the future.”
© 2018 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Checkout print edition.