PARIS: French technology consultancy group Altran plans to boost its British presence, as sterling’s weakness following the Brexit vote could prop up companies’ spending on research and development, Altran’s chief financial officer said.
“British companies are more competitive if the pound depreciates. For the moment we see no slowdown and we are determined to strengthen our presence in the UK,” Albin Jacquemont said.
The pound has weakened by almost 10 percent against the euro since the UK voted to leave the European Union in June.
While a weaker pound can reduce British companies’ purchasing power since imports become more expensive, it can also boost corporate spending because services priced in sterling become cheaper for clients based in other countries.
Altran, which provides research and development outsourcing services to industries ranging from aerospace to finance, reported a 9.8 percent rise in fourth quarter revenues for its northern European business, which includes Britain.
Its worldwide 2016 revenues rose 9 percent from the previous year to 2.12 billion euros ($2.3 billion), lifting Altran shares by 3.1 percent in early trading on Friday.
