Into the Unknown
This report by EY finds that UK quoted companies issued a record 301 profit warnings in Q1 2020, higher than the average annual total. Three-quarters of warnings cited the impact of COVID-19.
Key points include:
301 profit warnings were issued in Q1 2020, compared to 313 in the whole of 2019
21 percent of UK quoted companies warned in Q1 2020 - higher than the percentage of companies warning in the whole of 2008
77 percent of warnings in Q1 2020 cited COVID-19
FTSE Travel & Leisure companies have been most dramatically affected, with 70 percent of the sector warning.