According to Picon’s Q2 2003 quarterly industrial trends survey of supplier activity, the general strengthening of the euro against the major currencies, including sterling, is likely to result in positive improvements to order books, prices and profits in the long term.
Says chief executive, John Brazier: “Our survey indicates there will be no change to trading circumstances in the short run, however, forecasts are set to improve. Many of our members have indicated that the strengthening of the euro has reduced pressure on margins and helped to improve the competitiveness of the UK industry. However, all are agreed that there is unlikely to be a significant change in the immediate future.”
Picon’s euro monitor remains firmly biased toward the ‘wait and see’ option, with 65 per cent of respondents choosing it. Picon marketing executive Mark Oakes comments: “Our members are still uneasy about the benefits and risks the euro might bring. The lack of official debate on the subject could explain the bias toward the ‘wait and see’ camp.
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