Mr. David McRedmond:

There are a range of variables. In the event of a hard Brexit, parcel volumes could quadruple or fall by 70% or 80%. A major factor will be what will happen to sterling because of the conversion rate. There are so many different factors that we can only plan within a certain acceptable range, and that is what we do.

The actual cost for us at this stage does not involve a major investment because we have invested in our network. We have made a significant investment in parcel automation, which we would have done anyway. The centre in west Dublin will open in October and we visited it today. When the centre opens, we will be able to handle much greater volumes if they increase. There are scenarios where volumes would increase. If they decreased, that would be a cost in terms of revenue to the system, but none of us know what that will be. The issue for us is much more about the predictability of revenue. That is where the cost or benefit will be, rather than the physical cost, because we have invested in the network.