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UK:Textile companies rise on profit warnings |
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2004-10-12
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Reaching the highest levels, since 2003, UK firms rose climbed up 15% on profit warnings in the third quarter according to a survey.
"Despite the late burst in September, we do not predict a sharp increase of warnings as the economic environment remains cautious but positive," said Andrew Wollaston an analyst informed.
"With the annual growth of GDP still well above 3% and interest rates expected to reach 5% in the coming months, consumer and corporate confidence remain relatively strong, albeit marked by caution over spending decisions," he added.
Textiles and household goods sector companies issued the highest number of warnings - eight - followed by general retailers and media and entertainment companies, which issued seven warnings each.
Survey report stated that textiles firms were at the receiving end as cheaper clothing imports were making inroads in to supermarket.
Adding to the situation was the domestic textile production hitting an all-time low in August. Other sectors like IT hardware, construction and leisure and hotels also registered a decline in profit warnings. |
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