Profit warnings surge by 15%

Profit warnings surge by 15%

Profit warnings jumped more than 15% during the third quarter of 2004, nearly double the figure for the same period in 2003.

Link: Retail sector struggling under deluge of bad news

Between July and September, UK listed companies issued 74 profit warnings, with September being the worst month recording 38 warnings, according to a survey by Ernst & Young.

The third quarter figure is up from 64 warnings issued during the second quarter and the highest since the beginning of the year.

Industries issuing the most warnings were household goods and textiles with general retailers and media and entertainment companies following behind.

Andrew Wollaston, corporate restructuring partner at E&Y, said: ‘Despite the late burst in September, we do not predict a sharp increase of warnings as the economic environment remains cautious but positive.

‘With the annual growth of UK GDP still well above 3% and UK interest rates expected to reach 5% in the coming months, consumer and corporate confidence remain relatively strong, albeit marked by caution over spending decisions.’

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource