A new report from CIBC World Markets has detailed the top 20 S&P/TSX composite index stocks with the most exposure to the British pound.
Here's why they ranked the way they did:
Concordia Healthcare Corp.
In October, 2015, the pharmaceutical company acquired AMCo, a group of companies that include offices in London and Ireland. This significantly increased the company's exposure to Europe and the British pound.
"The depreciation of the pound sterling relative to the U.S. dollar does not impact our ability to service our debt and earn-out obligations," Concordia chairman and chief executive officer Mark Thompson said in an e-mailed statement. "In addition, from a supply and demand perspective, we don't anticipate any interruption going forward in the U.K. and we do not have any manufacturing assets in the U.K."
Great-West Lifeco Inc.
Based on the international financial services and insurance company's current exposure to the United Kingdom and Ireland, 20 per cent of its earnings are in the British pound. Great-West Lifeco has been in Britain since 1903 through Canada Life, and in Ireland for more than 75 years through Irish Life. Canada Life Investments, the asset management division of the company's British business, is based in London.
Cott Corp.
Net revenue at the soft drink and beverage company's British division in 2015 was $557-million, representing 18.9 per cent of the company's total revenue for the fiscal year ended Jan. 2, 2016. The division also represents 9.1 per cent of Cott's gross profit for 2015 and 28.1 per cent of the company's operating profit.
Enghouse Systems Ltd.
About 18 per cent of the software company's revenue is generated by sales from its British operations. By comparison, 17 per cent of its revenue is generated from sales by Enghouse's European offices in Ireland, Germany and Italy.
Finning International Inc.
Revenue from Britain and Ireland operating segment was $1.077-billion in 2015 or 17.4 per cent of the company. In 2015, the company had 1,660 employees in Britain and Ireland, 12.74 per cent of their total work force. Finally, operations in Britain and Ireland contributed 18 per cent of the company's total revenue for 2015.
Aimia Inc.
Known in Canada for the Aeroplan loyalty program, one of Aimia's international divisions operates Nectar, a loyalty program in Britain with 19 million active members. Major supermarket chain Sainsbury's is 16 per cent of the company's gross billings.
Editor's note: An earlier version of this story incorrectly stated Aimia was known for another loyalty program. This version has been updated.