Whilst many Irish holidaymakers are finding that the Euro doesn’t stretch as far as it once did, we talk to Graham Byrne, Managing Director Bibby Financial Services, a company that provides services to an ever growing number of Irish exporters, about what a weak Euro means for the Irish economy and what opportunities this might provide for economic growth.

There have been recent reports about the difficulties that companies are facing and the increased number of insolvencies across the hospitality and construction sectors. A new survey from Vision–net reveals that half of all Irish businesses are on the verge of collapse due to difficult trading conditions and high levels of unpaid debt and cash flow problems; though on a positive note insolvency figures are down 15 per cent since the same period last year. 

Whilst prospects for the economy remain challenging, there are real opportunities and an appetite for businesses to grow and invest in the future. IBEC’s revised forecast for economic growth predicts a positive outlook over the next year with economic growth expected to rise 1 per cent due to an increase in Irish exports. This comes at a crucial time for Irish exporters meaning the local economy will benefit more from this than any other country. Last year, Ireland sold 62% of its exports to markets outside the Eurozone and with the falling Euro; Irish goods are more competitively priced outside the Eurozone.

From our existing client base, we recognise that businesses are looking into overseas opportunities and there is a positive outlook amongst the sector. We have witnessed an increase in Irish businesses opting for our export invoice offering to fund overseas activity with 25% increase in our export client sales volumes between Q1 and Q2 of 2012; export turnover increased 28.14% in 2011 in total compared with 2010.

With the opportunities that exist because of the weak Euro, it is vital that Irish companies are equipped with appropriate funding and access to experts for advice and guidance so that businesses can reap the rewards that entering new markets present, increasing their order books and enjoying greater opportunities for business growth.Businesses need to be aware that there is help available to them to overcome the challenges associated with trading internationally such as exchange rate fluctuations, dealing with the cultural, legal and language barriers, coping with extended payment terms and maintaining a healthy cash flow.

Independent specialist finance providers, such as Bibby Financial Services are well placed to support businesses involved in international trade and with our expert teams across Europe, North America and Asia Pacific we can provide a variety of funding solutions and advice that best matches the specific needs of the business.

ENDS

For further information please contact Lyn Sheridan or Katrina Frazer at Aiken PR 028 90 663000

Notes to Editors

Bibby Financial ServicesBibby Financial Services is a market-leading specialist in the provision of a range of business cash flow solutions to small and medium sized enterprises. As a global provider, Bibby Financial Services operates throughout Europe, North America and Asia Pacific, with coverage in France, Czech Republic, Germany, Ireland, Poland, Slovakia, Sweden, UK, USA, Canada, Australia, New Zealand, India and Hong Kong. As a leading independent invoice finance company we support the cash flow and growth of our clients globally through our network of local offices, ensuring genuine market knowledge and fast, flexible solutions.

Our aim as a leading independent invoice finance company is to support the cash flow position and growth of our clients in both Ireland and overseas, something we have been doing now for over 25 years.

About Bibby Line GroupBibby Financial Services is supported by its parent the Bibby Line Group a business-to-business services group involved in shipowning and operation, shallow water accommodation, offshore oil and gas services, contract logistics, financial services, memorial parks, employment law and health & safety advisory services, specialist plant & equipment hire and retail.The company was founded by Liverpool entrepreneur John Bibby in 1807 and has its head office in Duke Street, Liverpool.