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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  J Sainsbury plc    SBRY   GB00B019KW72

J SAINSBURY PLC

(SBRY)
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British retailers could shun Northern Ireland after Brexit, logistics groups warn

11/11/2020 | 09:33am EST
FILE PHOTO: The spread of the coronavirus disease (COVID-19) in Belfast

LONDON (Reuters) - British retailers and manufacturers could stop selling in Northern Ireland once the UK has finally left the European Union due to "overwhelming" customs demands and lack of border preparedness, industry officials said on Wednesday.

In order to secure a Brexit divorce deal, London agreed that the province would remain in the UK customs territory but maintain customs and regulatory alignment with the EU to prevent the need for a hard border with EU-member Ireland.

But that will create a customs border in the Irish sea with Britain and the infrastructure and systems that will be required to conduct checks on livestock and food are not yet ready.

Elizabeth de Jong, head of policy at trade group Logistics UK, told parliament on Wednesday that companies could withdraw from the province when they realise the level of paperwork they will need to ship into Northern Ireland.

"There are high levels of concern about Northern Ireland - Great Britain trade because of issues with systems, infrastructure and information delivery," she told a parliamentary committee on Brexit.

"If you're in the post and parcel sector, there can be 5,000 consignments in your truck and each consignment needs a safety and security declaration and each one has 36 data entry fields."

Steve Bartlett, head of the Association of Freight Software Suppliers, said the software needed to submit declarations was unlikely to be ready for Jan. 1, when Britain finally leaves the EU, and he did not know if there was an alternative plan.

"We don't have a complete proven system yet and ... a lot of my members will not be ready to deploy by the beginning of next year," he said.

Retailers, which deliver stock to shelves on a just-in-time basis to cut out the need for storage, have started to sound the alarm, with supermarket Sainsbury's saying it could cut its food ranges in the province unless it gets clarity on the new rules.

Britain remains in talks with the EU over a free trade deal and the processes that will be needed for the Northern Irish border.

(Reporting by Kate Holton; editing by Stephen Addison)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
EURO / BRITISH POUND (EUR/GBP) -0.27% 0.88734 Delayed Quote.-0.46%
FEEDER CATTLE?FUTURES (GF) - CMG (ELECTRONIC)/C1 -0.15% 134.2 End-of-day quote.-3.15%
J SAINSBURY PLC 0.84% 240.2 Delayed Quote.5.63%
LIVE CATTLE (LE) - CMG (ELECTRONIC)/C1 -0.07% 113.25 End-of-day quote.-0.15%
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Financials
Sales 2021 29 120 M 39 721 M 39 721 M
Net income 2021 -327 M -446 M -446 M
Net Debt 2021 6 619 M 9 029 M 9 029 M
P/E ratio 2021 -21,6x
Yield 2021 5,63%
Capitalization 5 281 M 7 190 M 7 203 M
EV / Sales 2021 0,41x
EV / Sales 2022 0,39x
Nbr of Employees 111 900
Free-Float 96,2%
Chart J SAINSBURY PLC
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J Sainsbury plc Technical Analysis Chart | SBRY | GB00B019KW72 | MarketScreener
Technical analysis trends J SAINSBURY PLC
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 239,71 GBX
Last Close Price 238,20 GBX
Spread / Highest target 15,4%
Spread / Average Target 0,63%
Spread / Lowest Target -24,4%
EPS Revisions
Managers and Directors
NameTitle
Simon John Roberts Chief Executive Officer & Director
Martin A. Scicluna Chairman
Kevin O'Byrne Chief Financial Officer & Director
Richard Philip Newsome Chief Technology Officer
Phil Jordan Group Chief Information Officer
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