By Nina Trentmann 
 

Finance executives at some U.K. businesses are expecting their bottom line to decline in 2019 amid Britain's departure from the European Union, according to a survey by the Chartered Institute of Management Accountants released Monday.

More than one-third--35%--of businesses forecast their profits will decline, while 27% expect profits to be flat as a result of Brexit.

Only 5% of a total of 1,496 finance professionals said they forecast profits to go up, while 33% were unable to provide an estimate.

More than half of respondents said they expect business costs to rise, with 14% forecasting to spend more than 1 million pounds ($1.32 million) on Brexit planning.

Some 77% of businesses have taken steps to prepare for Brexit, while 20% have conducted a full risk assessment, the study said.

Write to Nina Trentmann at Nina.Trentmann@wsj.com

(END) Dow Jones Newswires

October 15, 2018 11:48 ET (15:48 GMT)