22% of UK advertising companies say Brexit vote has lost them business

More than a fifth (22%) of companies operating in the UK advertising sector have already lost business or contracts as a result of the vote to leave the EU, new figures from think-tank Credos and the Advertising Association reveal.

Just 23% said they believe Brexit offers opportunities for international growth – with potential advantages listed including a lower exchange rate, better trading outside of the EU and fewer EU regulations.

The findings are some of the first to provide tangible evidence of the impact Brexit is having on adland – and follow Zenith’s latest advertising forecast, which predicts UK adspend will slow to 5% in 2016 – down from 9.2% in 2015 – with 3-4% growth expected through to 2019.

The Credos report is part of a wider survey on Brexit’s impact which will be discussed at LEAD 2017, where the Secretary of State for Culture, Media and Sport, Karen Bradley, will give a keynote address.

The survey was conducted with 195 UK companies, with the majority of respondents describing their business as an agency.

Stephen Woodford, CEO of the Advertising Association, said: “Europe is a big part of UK advertising’s global success, so it is incredibly important and positive that Karen [Bradley] has agreed to join us at LEAD, and continue our conversation with Government about the risks and opportunities of Brexit.”

Work in adland and think Brexit offers opportunities for your business? The news team wants to hear from you: news@mediatel.co.uk