Business News Round Up (31/03/2020)
Crisis triggers huge increase in profit warnings across region
Listed companies in the North West are issuing profit warnings has soared in the first three months of 2019, with a sharp uptick triggered by Covid-19, according to new analysis. According to figures from accountancy firm EY, profit warnings in the region have increased 70% with 20 profit warnings recorded in the North West since January 1. When analysing all UK profit warnings made in 2020, compared to Q1 2019, EY found the Midlands has experienced the greatest year-on-year increase (209%), followed by the South East (188%), the North West (150%) and Yorkshire & the North East (100%).
Business Gateway extends aid for Scotland’s SMEs amid coronavirus
Business Gateway has announced it is enhancing its support available to help businesses and the self-employed navigate the current health and economic crisis surrounding Covid-19. The advisory service run by the Scottish Government is offering one-to-one appointments with specialist business advisors through video or telephone calls, all planned workshops are available online as webinars, and a new suite of resources has been developed to support businesses adapt to new working circumstances. This includes advice on business continuity planning, shifting to home working, how to use digital channels to communicate with customers and employees and support for business owners experiencing stress and anxiety
£1.7bn of construction work paused
Delays to construction work in the North West worth £1.7 billion has been caused due to project delays and closed sites due to the coronavirus outbreak. Construction industry analysis by Barbour ABI found that £25.5 billion of construction work and contracts were currently on hold across the whole of the UK. The figure includes projects both started and at pre-contract stage, and includes construction costs alone rather than development and land costs.
https://www.placenorthwest.co.uk/news/1-7bn-of-construction-work-paused/
Creative Scotland announced £11 million funding to support arts community
Creative Scotland has announced it will launch three funding programmes, providing a total of £11 million of support to those working in the arts sector being affected by the coronavirus outbreak. The £2 million Creative Scotland Bridging Bursary Fund provides financial support to freelance workers who have lost earnings due to the cancellation of work. The £1.5 million Screen Scotland Bridging Bursary aims to support screen sector workers who are experiencing financial hardship. The final programme is a £7.5 million revision of Creative Scotland’s Open Project Fund, which offers grants of up to £50,000 to support creative practitioners to continue to develop their work.