Monday, April 21, 2008

Record quarter for profit warnings

Research released by Ernst & Young revealed that UK plc saw no respite in the first quarter of 2008 as profit warnings reached 114; the highest first quarter figure since 2001 and up 11% from Q1 2007.


Profit warnings remained above the 100 mark for the second quarter in a row.


The highest warning sectors were general retailers with 18, equalling their record peak of Q1 2007, support services with 14, software and computer services with 13 and media and general financial with eight.


The 12 months to the end of March 2007 saw 26% of the sector issuing a warning. By comparison, 42% of FTSE general retailers had issued a warning to the year to date ending March 2008.




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