Current Brexit Statement

Toby

Autumn 2019

Current Company policy and things we are doing to cover for any Brexit / change of government economic turbulence

  • Large amounts of stock has been purchased to cover possible fluctuations in the value of UK sterling against the Euro and USD
  • We have increased our stock of Samtec products by over 20% - no Samtec products are manufactured in the EU anyway.
  • We already trade in USD ($) and Euro(€) currencies – and have USD ($) and Euro(€) currency funds available.
  • Less than 2% of our products are imported from the EU and we foresee no import issues with these suppliers.
  • All others (98%) are imported from outside the EU and are already subject to applicable customs charges and import duties – these will change very little if at all under WTO rules.
  • We have over 35 years experience of importing electronic components from around the world and have every confidence our business can withstand any Brexit shocks that may come our way

Deal or no deal....

  • However we as a business CANNOT guarantee any future pricing and lead times after the 31st of October 2019 (Brexit leave date)
  • This will be due to events beyond our control – There may however be an agreement and all this Brexit panic will be irrelevant.
  • Things may change if we get a change of government unfavourable to business and there is a collapse in the value of Sterling as a result.
  • We can trade in EURO(€) or USD($) if this is a customer requirement and already do this for many customers

Toby