The drop in sterling and some weakening in demand following the vote to leave the European Union have eaten into the earnings of foreign firms operating in Britain.
Firms, including car-maker Ford, technology group HP, Ryanair and Delta airlines, said Britain’s vote to leave the EU, or Brexit, was forcing them to reassess profit targets, plan additional cost cuts, increase prices in Britain and curtail operations.
While many domestic-focused British companies have reported resilient earnings since the Brexit vote, foreign companies are suffering because the profits they make in the UK are now worth much less in dollars or euros.
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