In "Independent Online Edition Business News" By Andrew Murray-Watson 15 July 2007:
Profit warnings among the UK's listed companies are running at the highest level since the dot-com crash, adding to growing fears that the economy is weakening. Research to be issued tomorrow by Ernst & Young reveals that in the first half of 2007, 191 profit warnings were issued by UK-quoted companies, 13 per cent up on the first half of 2006, which saw 169 profit warnings.
A "shortfall in sales" was blamed for the warnings by 43 per cent of the companies, while 22 per cent cited "difficult trading conditions" and 17 per cent gave "delayed or discontinued contracts" as their primary reason for failing to meet market expectations. Keith McGregor, corporate restructuring partner at E&Y, said: "We are a long way from the economic climate at the start of 2001 that saw more than 230 profit warnings.
Nevertheless, the 191 profit warnings are a reminder that segments of UK plc are struggling. Expectations that interest rates will remain elevated for some time have added weight to a plethora of warnings against casual lending tendencies and complex debt instruments."
The highest warning sectors were software and computer services with 17, support services with 12, and general retail 10. The high-street sector had double the number this quarter, compared to the second quarter of 2006.
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