The number of profit warnings issues by companies in the North West doubled year on year as the cost of living crisis continued to bite.
EY-Parthenon’s latest Profit Warnings report showed eight warnings were issued throughout the region in Q3 2022, up from four in Q3 2021 and six in Q2 2022. Consumer-facing and retail businesses were most affected.
Sam Woodward, EY-Parthenon UK&I turnaround and restructuring partner in the North West, said: “The volume of profit warnings in the North West had cooled since last winter, but challenges for businesses have increased over the last few months, leading to rising numbers of warnings. Given the impact of the cost-of-living crisis on consumers, it‘s unsurprising to see consumer-facing businesses among the most affected across the region.
