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Global Invacom see short-term boost from Brexit vote

Tuesday, July 5, 2016 - 18:32

GLOBAL Invacom Group, which supplies BSkyB with satellite dishes and circuit boards for set-top boxes, on Tuesday said it may establish a logistics hub in a EU country in order to continue tariff-free transactions via a possible UK-EU Free Trade Agreement to be negotiated.

The company added that the weakening of the British pound following the results of the "Brexit" vote is expected to have a "favourable" foreign exchange impact on the group's financial performance in the near to medium term. It said nearly all of its revenue for satellite communications equipment is denominated in US dollars; a "significant" portion of its operational and research costs is denominated in sterling.

"The directors believe that the immediate impact on the group's satellite communications will not be significant," it said.

sentifi.com

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