In a survey carried out by EVCOM to its members in the ten days after the decision to leave the European Union, live and visual communication industry professionals were cautious about the impact of Brexit.
Steve Garvey, EVCOM CEO, commented: ‘The EVCOM referendum survey shows a clear call to action for the live and visual communication industry. There is plenty of concern and confusion out there, but industry professionals need to promote a positive message to all international markets that the UK is very much open for business and continues to offer some of the best skills and resources globally. While the business environment may seem more challenging, we believe new opportunities will open up and it’s our role to help members find them.’
• When asked what action EVCOM should take in response to Brexit, members showed a clear preference for promoting UK members’ services to international markets, as 43% gave it top priority. Lobbying (36% top priority) and promoting international members services to UK markets (31% top priority) also scored highly.
• Respondents took a ‘wait and see’ attitude to recruitment. 81% were planning to maintain the same staffing levels, but 17% took a more cautious view and were expecting to reduce permanent staff.
• A majority wanted more time to form a view as 55% were unsure about the impact on the industry and wanted more information, while 25% were optimistic or cautiously optimistic.
• The uncertainty was reflected in a 50/50 split between those who would change their business plan as a result and those who would not.
• 50% expected the profitability of their business to be lower in 12 months’ time and just 6% thought they would be higher. Revenues were also expected to fall by 64% of respondents while 8% took a more positive view of revenue growth.