Profit warnings at 7-year high

Profit warnings reached a seven-year high between July and September as UK firms
made 111 profit warnings, the highest for the third quarter since the same period in
2001 and worse is still to come, according to a newly released report by Ernst & Young (E&Y).

E&Y figures from stock market listed firms were almost a third higher than in 2007,
causing Keith McGregor, restructuring partner, to note the findings were 'deeply
concerning', according to The Press Association.

'The end of the third quarter and the start of the fourth brought some of the most
turbulent weeks for banks and financial markets in a generation; weeks that have
completely redefined the banking landscape and reminded us that the credit crisis is far from over,' he said.

Support services issued the most warnings to investors at 23 out of 209 companies in the sector, the highest ever recorded for this part of the UK economy.