UK profit warnings in Q2 jump to highest level since financial crisis

Exacerbated by Brexit effect

Profit warnings issued by Britain's largest companies have risen to levels not seen since 2008 in the second quarter, new research has revealed, as the outcome of the EU referendum weighs on businesses.

According to analysis from accountancy firm EY, Q2 2016 saw some 66 companies issue warnings on future profits amid weak demand, the highest level since Q2 2008. This number is higher by nine firms than that reported during the same quarter in 2015. Over the past four quarters, the total number of warnings has reached 321, according to EY, an 8% rise from the 297 warnings issued over the previous 12-month period. Profit warnings 'biggest concern' for UK managers Alan Hudson, EY's head of restructuring for UK and Ireland, told The Telegraph it had been a "dizzyingly unpredictable...