Home Business NewsBusiness London Eye owner sees Brexit boost

London Eye owner sees Brexit boost

by LLB Reporter
2nd Mar 17 4:04 pm

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London Eye and Madame Tussauds owner Merlin Entertainments managed to scrape up a boost in profits after the Brexit vote, profits managed to climb 17 per cent to £277m.

The dip in the pound meant that Merlin’s foreign currency earnings from overseas were higher once they were translated into sterling.

The Brexit vote also encouraged tourists to visit the country, as dollars and euros now go further which means London’s attractions are much more affordable to holiday goers.

However, the group said terror fears were having a “significant and immediate impact” on the business.

Chief executive Nick Varney spoke of how the fall in the pound has helped the business: “In the medium term we expect a more competitive pound to help inbound tourism to London recover and drive more ‘staycations’ from UK residents, in the same way that some of our Continental European attractions enjoyed a period of euro weakness.”

“We are encouraged by recent visitation trends in our London attractions, although it is premature to declare a recovery, and we continue to plan accordingly.”

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