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@Arvy.
80% of their sales come from exports. So currency movements can have a huge impact.
It isn't about London or the UK, it is about how the bike is positioned/perceived abroad.
Page 9 of the financial statements says:
The group are naturally hedged....and following the year end has implemented a more active hedging strategy
I suspect the use of the word
reveals more than it should; they might have sat on their hedging approach and been hit.