UPDATE 1-Kerry forecasts 'grave' no-deal Brexit fallout for Irish food firms [Reuters]
KERRY GROUP PLC S/ADR (KRYAY)
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Source: Reuters
Kerry forecasts 'grave' no-deal Brexit fallout for Irish food firms | Reuters 2 Min Read DUBLIN (Reuters) - Ireland’s Kerry Group warned on Tuesday of “grave consequences” for Irish food producers if Britain leaves the European Union without a replacement trade deal. Kerry, which earned just under a quarter of its 2018 revenue of 6.6 billion euro (ÂL5.8 billion) from Britain, said it moved to reduce its exposure to sterling and had stockpiled several weeks supply of raw materials in case of a “no-deal” Brexit. “If there was to be a crash-out of the European Union, one could expect a significant fall-off in the demand, at least in the short-term in the UK market” Kerry’s chief executive Edmond Scanlon told journalists in Dublin. While 80 percent of Kerry’s revenues come from selling ingredients to other consumer food producers around the world, Britain is the largest foreign market for its own 1.3 billion euro consumer foods business. Although the market had been quite robust, demand b
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