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A powerful pound

Short-term currency fluctuations and dissipating domestic policies shouldn’t overshadow the case for long-term investment, says Claire Bennsion

30 October 2014

Following the completion of a raft of corporate earnings reports in the first half of 2014 for UK listed companies, one of the recurring themes as to why earnings had disappointed was the negative impact of a strong pound. Corporate news flow from a wide range of FTSE 100 and FTSE 250 companies has been dominated by talk of currency headwinds, with ailing companies including marketing giant WPP, building products distributor Wolseley, and emerging market fund management group Ashmore, to name but a few. In each case, aside from certain stock specific issues, results were tempered by the strength of sterling and its effect on revenues generated overseas.

For example, if we look at Ashmore, 90 per cent of the group's revenue is generated in d...

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