Two thirds of UK SME’s say currency volatility created by Brexit has cost them £70,000 each – Report by Bibby Financial Services

Two thirds of UK SME’s say currency volatility created by Brexit has cost them £70,000 each – Report by Bibby Financial Services

Irish exporters encouraged to put practices in place to

safeguard against the fluctuating pound

 

More than two-thirds of UK SMEs trading in foreign currencies say that they have been financially disadvantaged to the tune of £70,000 due to currency volatility sparked by the EU referendum, according to a new study by leading SME partner, Bibby Financial Services (BFS).

A leading provider of financial support and funding solutions to Irish SME’s, the company helps businesses to thrive and grow in domestic and international markets by providing bespoke financial assistance and a wide range of specialist and working capital funding options.

Findings of the ‘Trading Places’ report reveal that 67 per cent of UK businesses with foreign exchange requirements say they have been adversely affected by currency volatility in the past 12 months, with an estimated financial impact of £69,669 (approximately €79,000) each.

The research found that currency volatility is the biggest challenge faced by UK importers and exporters today. Other key challenges for exporters include paperwork and administration, and logistics management. For importers, logistics and managing duty, VAT and freight payments were the main issues.

Despite currency volatility featuring as the top concern for both importers and exporters, research also found that almost a quarter of UK SMEs trading overseas (23%) have never reviewed their foreign exchange arrangements to see if they could better protect themselves against future volatility.

The Global Business Monitor, a report issued by Bibby Financial Services recently, shows that 20% of Irish SME’s see currency fluctuations as a barrier to international trade. The survey also shows that geo-political events loom large in the minds of Irish respondents, with 69% viewing Brexit as the top threat to global economic growth amongst Irish SME’s in 2017.

Mark O’Rourke, Head of Business with Bibby Financial Services Ireland, said:

“These figures from the UK are quite stark. While we don’t have figures for Ireland, we need to be aware that currency volatility will impact the bottom line for Irish SME’s who import or export. This report is a warning bell for Irish companies that they should be putting practices in place to safeguard against the fluctuating pound. By far the greatest challenge facing Irish SME’s importing and exporting is currency volatility. No matter how big or small and SME is, managing currency risk in today’s economic environment is vital. The businesses that will be successful in the long-term are those that are planning ahead and thinking strategically about how they can protect profit margins.” 

Bibby Financial Services Ireland (BFSI) is a leading provider of financial support and funding solutions to Irish SME’s.

A member of the Asset Based Finance Association, Bibby Financial Services Ireland’s funding portfolio includes invoice discounting, factoring, export finance, foreign exchange services and specialist funding for a range of sectors.

Bibby Financial Services Ireland is part of Bibby Financial Services Group, an independent financial services partner to over 10,000 businesses across 13 countries. The Irish operation was established in 2006 and has an expert team of 30 employees based in Sandyford, Dublin.

For more information about Bibby Financial Services Ireland, please visit:

www.bibbyfinancialservices.ie

The Bibby Financial Services Global Business Monitor 2017 is available here: www.bibbyfinancialservices.ie/global-business-monitor-ireland

 

Find us on Linkedin or follow us on Twitter @BibbyFinanceIE

4site appoints Bartosz Nahajowski as Fibre Programme Director

4site, leaders in designing, building and maintaining network infrastructure for utilities companies and network owners, has appointed Bartosz Nahajowski as Fibre Programme Director.

In this newly created position, Bartosz will direct and coordinate the design and build of all fibre networks for 4site clients. He will particularly focus on implementing a new design driven approach for ‘fibre to the home’ projects in a bid to increase efficiencies for clients such as SIRO, Huawei, Vodafone and others.

Bartosz appointment is part of a significant investment by 4site in fibre technology and resources, including the development of a new ‘Fibre Centre of Excellence’ at company headquarters in Limerick. This facility is unique in Ireland and testament to the focus on the need for increased broadband speeds for both homes and businesses in Ireland and abroad.

To facilitate this focus on fibre, Bartosz has overseen the development of a range of in-house technology and tools, including the recent launch of 4Survey, a customised mobile App developed in conjunction with ESRI Ireland which has resulted in a 50% reduction in data collection time and a 25% reduction in planning and design turn-around time – meaning significant cost and time efficiencies for clients.

Bartosz joined 4site 12 years ago and, in that time, has worked across a number of roles, most recently as Operations Director. Prior to moving to Ireland to join 4site, Bartosz worked as a mechanical engineer designer for the Polish Navy for four years, followed by an 18 month contract in the on and off shore steelworks sector in Spain. He holds a Mechanical Engineering degree, and has worked primarily in the utility sector over the last 15 years.

With offices in Limerick, Dublin and the UK, 4site, which employs 80 people, provides innovative engineering solutions for major infrastructural developments in telecommunications, power, renewables and multi-site networks. Their highly skilled in-house technical teams design, survey, build and maintain world-class utilities networks, adapting technology, tools and processes to deliver reliable and future-proofed turnkey services for clients. Clients include Vodafone, SIRO, Cignal, Huawei, Netshare, 2RN (RTE), Three, Ericsson, Nokia and enet.

Established in 2002, 4site works with infrastructure owners and operators of distributed networks to design, deploy, maintain and operate utilities infrastructure across Ireland and the United Kingdom.

With over 15 years’ experience providing turnkey services in the UK and Ireland, 4site has earned a reputation as an independent, trusted partner who innovates, develops services, optimises assets and delivers cost efficiencies. By partnering with world leaders in the industry, 4site provides unparalleled service and quality, ensuring clients successfully meet the challenges presented by the always-evolving technology landscape.

 

For further details, please check out www.4sitenetworks.com

or follow us on Twitter @4siteHQ

 

Winners of Bord Gáis Energy Irish Book Awards 2017 revealed

Winners include Bernard MacLaverty, Marian Keyes, Ruth Fitzmaurice, Fergal Keane, John Connolly, Philly McMahon with Niall Kelly, Sarah Webb with illustrator Steve Mc Carthy, Julie Parsons and Darach Ó Séaghdha

 

Bernard MacLaverty, Marian Keyes, Judi Curtin, Rory O’ Connell and Ruth Fitzmaurice were some of the winning authors named at the Bord Gáis Energy Irish Book Awards held in Dublin this evening. 

Renowned poet Eavan Boland was presented with the Bob Hughes Lifetime Achievement Award and bestselling children’s author David Walliams was the recipient of the Bord Gáis Energy International Recognition Award – a special award made to international authors who have contributed substantially to the health and wealth of the Irish book-trade. 

Now in its 12th year, the star-studded awards ceremony took place in Dublin’s Clayton Hotel, Burlington Road and was attended by Ireland’s top writers, publishers, booksellers and media personalities including writers Sinéad Moriarty, John Banville, Roddy Doyle, Eoin Colfer, Paul Howard, media personalities Roz Purcell, Ryan Tubridy, Vogue Williams and Caitríona Perry, food writers Rory O’ Connell, Rachel Allen and Neven Maguire and sports stars Shay Given, Philly Mc Mahon, and Colm Cooper.  

Below is the full list of winners for the ‘Bord Gáis Energy Irish Book Awards 2017’: 

TheJournal.ie Best Irish Published Book of the Year

  • Atlas of the Revolution – John Crowley, Donál Ó Drisceoil, Mike Murphy and John Borgonovo (Cork University Press)

National Book Tokens Children’s Book of the Year (Junior)

  • A Sailor Went to Sea, Sea, Sea – Favourite Rhymes from an Irish Childhood – Sarah Webb illustrated by Steve Mc Carthy (The O’ Brien Press)

National Book Tokens Children’s Book of the Year (Senior)

  • Stand by Me – Judi Curtin (The O’ Brien Press)

Dept 51@Eason Teen / Young Adult Book of the Year

  • Tangleweed and Brine – Deirdre Sullivan illustrated by Karen Vaughan (Little Island)

Eason Book Club Novel of the Year

  • Midwinter Break – Bernard MacLaverty (Jonathan Cape)

Specsavers Popular Fiction Book of the Year

  • The Break – Marian Keyes (Michael Joseph)

Irish Independent Crime Fiction Book of the Year

  • The Therapy House – Julie Parsons (New Island Books)

Sunday Independent Newcomer of the Year

  • I Found my Tribe – Ruth Fitzmaurice (Chatto & Windus)

Onside Non-Fiction Book of the Year

  • Wounds: A Memoir of War & Love – Fergal Keane (Williams Collins)

Ireland AM Popular Non-Fiction Book of the Year

  • Motherfoclóir – Darach Ó Séaghdha (Head of Zeus)

EUROSPAR Cookbook of the Year

  • Cook Well, Eat Well – Rory O’ Connell (Gill Books)

Bord Gáis Energy Sports Book of the Year

  • The Choice – Philly McMahon with Niall Kelly (Gill Books)

RTÉ Radio 1’s The Ryan Tubridy Show Listener’s Choice Award

  • he: A novel – John Connolly (Hodder & Stoughton)

Listowel Writer’s Week Irish Poem of the Year

  • Seven Sugar Cubes – Clodagh Beresford Dunne (From the Irish Times)

Writing,ie Short Story of the Year

  • Back to Bones – Christine Dwyer Hickey (Longlisted for Sunday Times EFG Short Story Award)

 

Commenting on this year’s winners, Larry Mac Hale, Bord Gáis Energy Irish Book Awards Chairperson, said:

“When you scan the list of award winners, it makes you feel proud to be part of an industry that produces so many great Irish writers. Across all genres, every kind of fiction, nonfiction, and children’s books, we’re seeing brand names at the very top of their game. What’s even more encouraging is the number of young writers who are breaking through every year. Irish writing is in good hands and I really hope that more and more people will support them by giving books for Christmas this year.”

Dave Kirwan, Managing Director of Bord Gáis Energy, added,On behalf of Bord Gáis Energy, I’d like to offer my sincerest congratulations to each of the award-winners. Across all categories, we have seen just why Irish literature is held in such high regard around the world. The 2017 Bord Gáis Energy Irish Book Awards have shown, yet again, that we in Ireland are blessed with a huge amount of literary talent, so to receive one of these awards is a significant achievement indeed. The quality of the shortlisted entries across each of the categories was incredibly high, and I hope that this year’s event will inspire those who perhaps didn’t win an award this year to enter again in the coming years.  Finally, I’d like to sincerely thank Alastair Giles and the organising committee, and my own team in Bord Gáis Energy, for all of their hard work in bringing this year’s event to such a successful conclusion.”

This year, in excess of 50,000 readers and book lovers made their voices heard and voted to select the winners in each category. From tomorrow (29th November 2017), the public can vote for their overall ‘Bord Gáis Energy Book of the Year’ by going to www.bgeirishbookawards.ie. Voting is open until midday on 15th December and anyone who votes is in with the chance of winning €100 in National Book Tokens. Previous winners of the ‘Bord Gáis Energy Book of the Year’ include Mike Mc Cormack for Solar Bones, Louise O’ Neil for Asking for It, Mary Costello for Academy St, Donal Ryan for The Spinning Heart, Michael Harding for Staring at Lakes, and Belinda McKeon for Solace.

This year’s awards ceremony was presented by Keelin Shanley and Evelyn O’ Rourke, with each winning author interviewed by RTÉ’s Evelyn O’ Rourke in the Bord Gáis Energy Green Room. These interviews, along with highlights from the awards ceremony, will be broadcast on RTÉ One during the primetime slot of 9:30pm on Wednesday, 29th November 2017.

 

For further information, please log on to the Bord Gáis Energy Irish Book Awards website

www.bgeirishbookawards.ie

 

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