Sunday 15 December 2019

It's business as usual, says PwC

PwC managing partner Feargal O’Rourke
PwC managing partner Feargal O’Rourke

Michael Cogley

Financial services firm PricewaterhouseCoopers has advised Irish companies to continue their growth plans while developing strategies to help deal with the fallout of Brexit.

Despite the global uncertainty in the immediate aftermath of the vote, PwC maintains that the effect of the vote won't be felt for some time and that businesses need to keep performing strongly as they have been doing so far this year.

PwC managing partner Feargal O'Rourke said Irish companies need to consider the implications of Brexit and plan accordingly.

"Our economy is performing at well over the average Eurozone gross domestic product (GDP) growth rate; 84pc of Irish CEOs recently confirmed that they plan to grow revenues in the year ahead and 95pc of [multinational] CEOs based in Ireland confirmed that their investment in the country is a success," Mr O'Rourke said.

The PwC managing partner said that the UK's exit negotiations are likely to take several years to reach a conclusion.

"In the meantime, we advise businesses to continue on their growth plans while developing strategies to help them manage the range of uncertainties and challenges that are expected."

Mr O'Rourke said that following the last recession, Irish businesses can withstand the effects of the vote.

"Many Irish businesses have come through the worst recession in decades and have shown great resilience. I have no doubt that, with the right strategy and help, Irish businesses will navigate these uncertain waters and emerge stronger than before."

Earlier in the month, PwC conducted a survey of chief executives in Ireland, 93pc of whom cited a Brexit as the "top threat" to their business.

Irish Independent

Also in Business