State Street Corp. has financial offices on London’s Canary Wharf, with 2,000 employees. TJX Cos. has more than 340 UK retail stores, and 200 Bright Horizons day-care centers dot Great Britain.
These are just a handful of the Massachusetts companies with large operations in London and the United Kingdom that could feel, in various ways, an impact from Britain’s vote to part ways with the European Union.
Stocks have rebounded from the initial shock of the Brexit vote, but large potential exposures loom for companies that do a lot of business in Britain, whether due to the decline in the British pound — making US products more costly — or the prospect of a general slowdown in the economy.
Some of the effects are obvious, others less so. The 25 publicly traded companies in Massachusetts that break out their UK business derive $1.5 billion in revenues there, according to S&P Global Market Intelligence. Two dozen of those companies count on UK customers for at least 5 percent of their sales, and some for far more.
Among those with significant commerce across the Atlantic are Iron Mountain Inc., the document storage company, with $250 million in UK sales, or 8 percent of its total. Parexel International Corp., a Boston company that helps drug makers with clinical trials, makes $240 million, or 12 percent of its sales, in Britain, according to S&P Global.
With the British pound down more than 10 percent against the dollar since the June 23 vote to leave the European Union, corporate earnings could take a hit when results are translated into dollars.
The pound’s 8 percent decline against the euro also will be an issue for some Massachusetts companies. For instance, TJX, the off-price retailer based in Framingham that owns TJ Maxx stores — called TK Maxx in Britain — buys all of its European merchandise in the United Kingdom and ships it to other countries.
According to research at Goldman, Sachs & Co., consumer and retail firms will face increased foreign exchange volatility “as the biggest risk in the near term,’’ with the potential for slowing demand in the United Kingdom and Europe longer term.
TJX is familiar with the impact of currency swings and takes steps to hedge against them. But that doesn’t always work. For instance, significant rate changes relative to the dollar over the past two years have dented TJX’s results by tens of millions of dollars.
Last year, the company told shareholders the full impact of foreign currency issues dragged earnings per share growth down by 4 percent.
TJX also warns that big currency swings in China, where it buys much of its merchandise, can have a major impact.
For companies holding merchandise in Britain that they bought before the Brexit vote, “you’re stuck,’’ said Nariman Behravesh, chief economist at IHS, a research firm based in Englewood, Colo. Buying there now, however, with the lower value of the pound, makes things cheaper.
Most broadly, Behravesh is worried about manufacturers.
“A stronger dollar and weaker [pound] sterling will mostly hurt the US manufacturing sector,’’ he said. That’s because a strong dollar will make US goods more expensive for British customers, potentially dampening US exports. “This is one more piece of bad news for them,’’ Behravesh said.
Economic growth projections in the United Kingdom could slow to 0.2 percent for 2017, Behravesh said, down from 2.4 percent.
And that could affect companies like the online travel reservation provider TripAdvisor Inc., based in Needham, which reports 14 percent of its revenue comes from the United Kingdom, or $215 million, according to S&P.
TripAdvisor spokesman Kevin Carter said it’s too soon to tell what the impact of the vote will be on travel and tourism. “Despite the unknowns, TripAdvisor remains committed to our presence in the United Kingdom and our employees there,’’ he said in a statement.
Even in a very human business, currency and the pace of the economy could affect the bottom line. Bright Horizons Family Solutions Inc., based in Watertown, attributes 16 percent of its revenue to the United Kingdom, or $239 million.
“We’re educating and providing care for young children, which by its nature is a very locally-driven endeavor,’’ spokeswoman Ilene Hoffer Serpa said in a statement. She said the company does not expect the vote to have a significant impact on its UK operations.
But should the Brexit vote plunge the United Kingdom into recession, resulting in job losses for Bright Horizons clients, that could change. The company’s stock was not tested in the last US recession because the Boston private equity firm Bain Capital held the company privately from 2008 to 2013.
Numerous local life science, technology, and energy companies have large UK businesses. Boston-based Iron Mountain, in a statement from spokesman Peter Mancusi, said, “In the wake of last week’s historic Brexit vote, our financial position remains solid, and we anticipate no immediate or short-term impact to our operations.’’
He said the United Kingdom and Europe would remain core international markets for the company, and that it was “continuing to analyze the implications of the leave decision.’’
Financial companies with large London outposts are facing a complex mix of issues.
State Street, for instance, a large foreign currency trader, could be benefiting from the market volatility, with increased trading levels. But down the road, the very future of London as a financial center for investments and banking is in question.
“We do not expect any immediate impact to our operations or client servicing as a result of the vote and we are well placed to support clients,’’ State Street spokeswoman Carolyn Cichon said in a statement.
But if over the two years it takes to sort out Brexit it turns out to be more beneficial to operate elsewhere in Europe, State Street already has a number of offices, and 8,000 more employees, across the continent.
“Our strategy in Europe is to continue to be located in the key markets where our clients do business,’’ Cichon said.
Beth Healy can be reached at beth.healy@globe.com. Follow her on Twitter @HealyBeth.
