Posted 1/29/2024, 7:41:00 AM
UK Firms Issue Record Profit Warnings as Costs Soar and Economy Slows
- UK companies issued 294 profit warnings in 2023, exceeding the 2008 financial crisis peak
- 26% of warnings blamed delayed contracts or decisions, 19% blamed rising costs, 19% blamed higher interest rates
- Online retailer THG, DIY group Kingfisher, and drinks company Diageo all issued warnings
- Job vacancies fell nearly 7% between November and December, the biggest drop since June 2020
- Oil price jumped over 1.5% to $84.80 per barrel, highest since November, on geopolitical tensions in the Middle East