Belfast Telegraph

Devenish quickly felt 'impact' of Brexit vote

Ryan McAleer

By Ryan McAleer

The chairman of Northern Ireland agri-science firm Devenish Nutrition has said it has already felt a "significant" negative impact from Brexit.

In an interview with Business Telegraph today, executive chairman Owen Brennan said the company felt an almost instant effect from the vote to leave the EU, which triggered a fall in the value of sterling.

"The loss of value of sterling has cost our business quite significantly," he added.

"It's difficult to put an absolute figure on it, but I would describe it as a significant negative and the effect was almost immediate."

Like most major companies, he said Devenish is hoping for the best, but preparing for the worst.

"We've done all the scenario planning that we think we can to leave ourselves, reasonably well placed, we hope, irrespective of the outcome that arises," he said.

"We're better covered than many, but we still anticipate a degree of disruption and cost.

"We were opposed to Brexit when the issue arose.

"We tried to be clear why that was and we've been very supportive of the positions represented by organisations like the NI Chamber and CBI, but you don't get the impression that those voices are being very well heard in all of this."

Belfast Telegraph

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