Brexit fallout – the business winners ... and losers

List of major UK companies which stand to benefit from EU referendum result and falling pound lengthens - as does the list of losers

The pound has plunged since Britain voted to leave the EU on 23 June and consumer confidence has taken a battering, but it hasn’t been all bad news for UK firms. Here are some of the winners and losers so far from Brexit.

Winners

Primark in London

Primark’s owner, Associated British Foods, said the clothing chain’s UK profit margins would be hit by sterling’s fall but this would be offset by fatter margins at its sugar business. Profits earned outside the UK will be better than expected because of the weak pound, it added. The group scrapped its earlier prediction that annual earnings would fall.

Rentokil International has been one of the big gainers from the plunging pound. The pest control company makes 90% of its revenue outside the UK and if currency rates stay the same it will make up to £15m extra this year, it said.

Pinewood Studios, home to the James Bond and Star Wars films, said that its international customers would benefit from the fall in the pound, which will make Pinewood’s services cheaper to overseas producers.

Bookmakers fared well in the referendum

Bookmakers had their biggest non-sporting event ever at the referendum, with punters placing £100m in bets. Most of that money went on Britain staying in the EU, suggesting the bookies did pretty well, at least in the short term.

Accountants and law firms will be busy as companies caught off guard by the referendum result seek to rearrange their businesses. KPMG, one of the big four accountants, has appointed a head of Brexit while rivals have set up specialist teams.

Aveva, the software maker, said the pound’s weakness against the euro and the dollar would increase the value of its overseas earnings if rates remain stable at current levels.

Ocado

Ocado is a potential beneficiary of the pound’s fall. The online grocer has been trying to do a deal with an overseas retailer to use its technology for more than a year. The company said the weaker pound could make such a deal more attractive to buyers.

Losers

Sports Direct has warned of a tough year ahead, made worse because of Brexit. Weakening consumer confidence is likely to hit sales and failure to insure against the pound’s fall will make products bought in dollars more expensive and incur losses on hedging contracts taken out on sterling against the euro.

Foxtons shares plunged to a record low when the estate agent said the referendum result would depress property sales for the rest of the year in London, its main market. It had been hoping for a pick-up in activity after the referendum.

Foxtons’ main market is London Photograph: Jacob Carter//REX/Shutterstock

Reporting its worst fall in clothing sales since the 2008 banking crisis, Marks & Spencer said consumer confidence had weakened as the referendum approached but that it had not noticed a further decline since 23 June. The retailer said it was forecasting a tough trading environment.

Shares are down 20%

Shares in Carpetright lost a fifth of their value when the flooring retailer said the referendum result had probably worsened tough trading conditions by increasing consumer uncertainty. The weak pound will also push up prices it pays for materials, analysts said.

Banks have been affected by worries about the post-Brexit economy and a probable cut in interest rates. Royal Bank of Scotland said the government will have to wait two years or more to sell a further stake after its shares plunged. With the Bank of England expected to reduce rates from record lows, it will become still harder for banks to make money on lending.

British Airways profits will be down, IAF forecasts Photograph: Steve Parsons/PA

British Airways’ owner, International Airlines Group, said annual profit would be lower than expected because of weak trading caused by the referendum. EasyJet warned three days later that the vote to leave had added to existing problems such as cancelled flights and that short-term profit would be affected.

C&C, the beverage maker, warned that the pound’s weakness could wipe out gains from improved trading and cost reductions so far this year. The Irish company, whose shares are traded in London, makes almost half its profits in sterling but reports in euros, leaving it exposed to the pound’s sharp fall.