A Third of UK Companies Expect Lower Profits in 2019 Due to Brexit: CIMA
15 October 2018 - 5:03PM
Dow Jones News
By Nina Trentmann
Finance executives at some U.K. businesses are expecting their
bottom line to decline in 2019 amid Britain's departure from the
European Union, according to a survey by the Chartered Institute of
Management Accountants released Monday.
More than one-third--35%--of businesses forecast their profits
will decline, while 27% expect profits to be flat as a result of
Brexit.
Only 5% of a total of 1,496 finance professionals said they
forecast profits to go up, while 33% were unable to provide an
estimate.
More than half of respondents said they expect business costs to
rise, with 14% forecasting to spend more than 1 million pounds
($1.32 million) on Brexit planning.
Some 77% of businesses have taken steps to prepare for Brexit,
while 20% have conducted a full risk assessment, the study
said.
Write to Nina Trentmann at Nina.Trentmann@wsj.com
(END) Dow Jones Newswires
October 15, 2018 11:48 ET (15:48 GMT)
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