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.<br /><br />According to a report by accountants Ernst &amp; Young (E&amp;Y), 63 profit warnings were issued in the quarter, the lowest number for the second-quarter since 2003. But E&amp;Y said that the economy still has a &ldquo;difficult road ahead&rdquo; and that the picture could have been skewed by companies withdrawing profit guidance due to the difficult forecasting environment.