Britain's route out of the European Union is going to be "bumpy but full of opportunities" for British industry – especially the drinks trade – once Brexit is achieved.

That was the message from retired conservative politician Lord (Francis) Maude, who gave the keynote address at this week's Wine and Spirit Trade Association (WSTA) annual conference in London.

WSTA chief executive Miles Beale opened the conference by listing the successes of the drinks industry in a year that had been "overshadowed by politics".

Gin and vodka exports hit £531m ($700m), up 44 percent by volume and 46 percent by value since 2010; English sparkling wine is now "one of the modern faces of British agriculture"; per capita consumption is on the up.

Brexit will be a challenge, he said, but an opportunity as well. However, he warned, "when sterling falls by 15 percent against three major world currencies, then it is no longer business as usual".

Maude, who was a minister for Europe under Margaret Thatcher, shadow chancellor and shadow foreign secretary, and was undeclared in the Brexit campaign, was upbeat: "It's going to be bumpy but there are huge opportunities as well."