Business News Round Up (04/05/2020)
Scottish listed company profit warnings hit record high in Q1
Profit warnings issued by listed businesses in Scotland reached a record level in the first quarter of 2020, according to a new report. Ten profit warnings were recorded by EY between 1 January and 31 March, a 43% year-on-year increase on the same quarter of last year, when there were seven profit warnings. UK-wide, 301 profit warnings were recorded in the first three months, almost equal to the entire number issued in the whole of 2019 (313) and 5% higher than the total for 2018 (287). Compared to the same period last year, warnings rose from 89, representing a 238% year-on-year increase. More than a fifth of the UK’s quoted companies issued a profit warning in Q1 2020, more than the percentage of companies warning in the whole of 2008 (17%).
https://www.insider.co.uk/news/scottish-listed-company-profit-earnings-21959000
Manchester recovery plans begin to emerge
Details of Manchester’s road to recovery from the coronavirus and the next steps it will take are starting to come together. A report to Manchester City Council outlines the work which is being done to help people, the economy and businesses rebuild. A separate report on the agenda outlines the range of actions the council has already taken to support Manchester during the coronavirus pandemic, while planning is also underway to address the impact on the council’s services and finances. The Manchester Economy Recovery Plan will include looking at steps to support the city’s business base and help residents into employment while continuing to bring forward development and initiatives to stimulate the economy.
https://www.insidermedia.com/news/north-west/manchester-recovery-plans-begin-to-emerge
Lockdown leading to lasting changes in business, new figures suggest
The coronavirus lockdown is leading to lasting changes in the way UK companies operate, according to new figures from the Institute of Directors (IoD). In a survey of business leaders, four out of ten said their organisation will not return to their previous way of working and instead increasing working from home and a greater focus on digital services as a permanent feature. Businesses have been innovating in response to the lockdown, with almost one in six of those polled reporting that they had launched a new product or service due to the circumstances.
https://www.insider.co.uk/news/lockdown-leading-lasting-changes-business-21958521
Profit warnings hit record levels across the North West
Profit warnings issued by listed businesses across the North West reached a record-breaking high during the first quarter of 2020, according to EY. EY’s latest Profit Warnings report, 27 profit warnings were recorded during the first quarter of 2020 in the North West, more than three times the number issued during the same period the previous year, a 238% increase year-on-year. In the North West, profit warnings were spread across a wide range of sectors, with retailers, and travel & leisure hardest hit, accounting for nearly 30% of all North West profit warnings in the first quarter this year.