Figures released by KPMG have revealed that the number of negative company
announcements surged to a record high in the three months to June this year,
reaching 1,385, the highest recorded number since March 2003.
Negative announcements included profit warnings, redundancies and significant
‘Worryingly, the sector pressures are in conjunction with a rise in the
number of consumers struggling with debts and significant increases in energy
prices,’ said Philip Davidson, head of restructuring advisory at KPMG.
‘Although the figures are exacerbated by a major rise in the number of
warnings in the health sector, which have risen from 42 in the March quarter to
135 in the June quarter, even without the effect of health the figures are at
their highest level since 2004,’ he added.
Not all sectors fared poorly, however, as the industrial sector recorded
little change in the level of warnings. Meanwhile, the building and construction
sector showed a drop of 21%.
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.