Profit warnings from UK companies have hit their highest level since the financial crisis, according to EY. A total of 86 statements downgrading profit forecasts were issued by companies over the third quarter of 2022 – the largest number for July to September since 2008. This is up from 51 over the same time last year, and 64 in the second quarter of this year. The acceleration of profit warnings was particularly notable among consumer-facing businesses such as shops, travel firms and food producers, EY said. Companies including Next, Primark-owner Associated British Foods and The Hut Group have all shaved down their profit guidance in recent weeks.

Source: Daily Mail October 23, 2022 22:30 UTC