COMPANIES in the region issued seven profit warnings during the first quarter of this year – a huge 89 per cent drop on the same period in 2020.

The figure – which is also down, from ten, compared to the previous quarter – is the lowest total since the closing three months of 2014.

In the latest period, most warnings were issued by businesses in the retail and travel and leisure sectors.

The data was produced by EY-Parthenon.

Its turnaround and restructuring strategy partner in Yorkshire, Hunter Kelly, said: “The majority of north-based businesses issuing profit warnings last year did so in the first quarter, at the onset of the pandemic, but volumes began to fall from the middle of the year.

“And most FTSE sectors saw a significant drop in profit warning numbers at the start of this year, as the global vaccine rollout bolstered the economy and earnings forecasts. A stronger-than-expected economic outlook is also likely to boost confidence.”