A new survey from the Irish Small and Medium Sized Enterprises Association reveals that the majority of SMEs here feel that Brexit will not have a major impact on them.

However, ISME said today's results come with a caveat. 

ISME's chief executive Neil McDonnell said that around two thirds of its members are based in service sectors compared to 54% of total enterprises.

"We believe that the services, financial and insurance sectors will have a lower level of direct exposure to Brexit-related impacts than will the industrial, construction and distribution sectors," Mr McDonnell said.

He also said that service companies in the border countries may be hit worse by Brexit than other businesses. 

Today's survey reveals that 77% of ISME companies believe Brexit would have no effect on their staffing levels, while 17% said it would lead to some reduction in their headcounts.

45% of ISME members said they expect a fall in their turnover, while 11% predict an increase.

Almost 80% of ISME companies have some level of exposure to sterling on the import side, which the association said would suggest an increase in profitability due to sterling's relative weakness against the euro.

Meanwhile, 54% of ISME firms export or have sales in the sterling zone. 14% of these account for over 20% of companies exports.

Today's survey also showed that 88% of companies said they would not relocated any of their business as a result of the Brexit vote.

11% said they were considering relocating less than half of their business to the UK.