Profit warnings 'lowest in six years'

COMPANY profit warnings dropped 37 per cent in 2009 to the lowest level in six years, but corporates face a "bumpy" recovery, a report yesterday warned.

Accountancy giant Ernst & Young (E&Y) said that company alerts eased markedly last year after an above-average number in the first quarter, with 282 profit warnings issued in 2009.

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There were 50 profit warnings from quoted UK companies in last quarter of the year after 126 the previous year. E&Y said 2010 got off to a "benign start" with half the number of alerts across all sectors in the first two weeks.