Figures released by
& Young show UK companies issued 114 profit warnings in the first
quarter as the credit crunch continued to take its toll, pushing the number of
warnings 11% higher than the same period last year.
‘Profit warnings remained above the 100 mark for the second quarter in a row,
driven by the deepening impact of the credit crunch and a record number of
retail warnings, Keith McGregor, E&Y restructuring partner, said.
General retailers led the increase, issuing 18 profit warnings during the
period; followed by support services firms at 14; software and computer
services; 13 and media and general financial companies, eight,
Press Association reports.
‘The last time UK plc issued more than 100 profit warnings in consecutive
quarters it was 2001, when the end of the technology-led boom meant painful
readjustment,’ McGregor said.
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Baldwins Accountancy Group has continued investment in the north-east and appointed David Fish as a director in its corporate finance team
UK M&A activity bounced back strongly in July and August, according to analysis by the deals practice at PwC.
Smith & Williamson has added Jim Clark and Philip Marsden, of Marsden Clark Corporate Finance Limited, to its corporate finance team.