Profit warnings fall across Yorkshire

YORKSHIRE recorded a drop in profit warnings in late 2013, according to the latest report from professional services firm EY.

Five profit warnings from listed businesses in Yorkshire and the North East were made between October and December 2013, compared to seven in the previous quarter. This was in line with annual trends where there was a slight drop in the total number of profit warnings issued in 2013 (25), compared with 2012 (26). Across the UK, companies warning of lower than expected profits fell to a three-year low in 2013 – despite a surge in downgrades at the end of the year.

The report by EY said UK quoted companies issued 255 warnings in 2013, compared to 287 in 2012, but the final quarter saw a figure of 73, a rise of 30 per cent on the previous quarter. Hunter Kelly, EY’s restructuring partner in Yorkshire, said: “It was a mixed Christmas for retailers..

There were certainly retailers, who outperformed the market and overall sales were up and retail profit warnings dropped back to their lowest Q4 level for four years.”

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