Profit Warnings Spike as Recession Fears Mount
The last three months has seen more British companies issuing profit warnings than in any second quarter since the financial crisis began in 2008.
Sixty-six listed companies issued profit alerts in April to June, according to the accountant EY. Some of these warnings specifically referred to the uncertainty created by the EU referendum.
Albeit this week’s official figures are set to reveal that the economy expanded solidly in the second quarter. Gross Domestic Product is forecast to have risen by about 0.5% from the previous quarter, and by 2.1% year-on-year.