Companies sourcing supplies in Britain should consider supply outlets within the euro zone area because of the appreciation of sterling, a managing partner of Chapman Flood Mazars, Mr David Chapman, said yesterday at the launch of the merged accountancy practice.

Mr Chapman said sterling's continued strength was eroding profit margins of Irish businesses with exposures to the British economy. But exporting companies should "redouble their effort" to exploit the British market, he said, given the relative price advantages. Chapman Flood Mazars, with 10 partners and more than 100 staff, has been formed from Chapman Flood and Rawlinson Hunter Mazars.