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Profit warnings at record low
THE NUMBER of profit warnings issued by UK-Listed companies fell by 36 per cent in the second quarter of this year, compared to the same period in 2008, fuelling hopes that the recession has reached the bottom.
According to a report by accountants Ernst & Young (E&Y), 63 profit warnings were issued in the quarter, the lowest number for the second-quarter since 2003. But E&Y said that the economy still has a “difficult road ahead” and that the picture could have been skewed by companies withdrawing profit guidance due to the difficult forecasting environment.