UK corporates lose out as sterling slides, study says

Importing firms see average profit loss of 12% following Brexit vote, finds Western Union

Adverse impact: profits slide and costs rise for UK importers; only a fifth choose to hedge FX exposures

A fifth of UK importing companies have lost 12% of their profits on average since the UK voted to leave the European Union due to the depreciation in sterling, new research from payments company Western Union reveals.

Of the 1,110 companies surveyed, only 22% say they used hedging and risk management strategies to combat the adverse impact of currency movements by deploying forwards and options. Others believe currency fluctuations simply even out over time.

“Importers have taken a real hit in

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