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UK firms warned of 'bumpy ride' UK firms warned of 'bumpy ride'
(about 6 hours later)
UK companies should brace themselves for "a bumpy recovery", despite a fall in the number of profit warnings in the final quarter of 2009, a report says.UK companies should brace themselves for "a bumpy recovery", despite a fall in the number of profit warnings in the final quarter of 2009, a report says.
Accountancy company Ernst and Young says only 50 companies issued profit warnings in the fourth quarter, the lowest level in six years.Accountancy company Ernst and Young says only 50 companies issued profit warnings in the fourth quarter, the lowest level in six years.
The firm said the economy had picked up quicker than expected but "2010 is when we start paying [for the recovery]".The firm said the economy had picked up quicker than expected but "2010 is when we start paying [for the recovery]".
Figures due out Tuesday are expected to show Britain has exited recession.Figures due out Tuesday are expected to show Britain has exited recession.
Experts predict the data will show the UK economy grew at about 0.4% in the three months to December 2009.Experts predict the data will show the UK economy grew at about 0.4% in the three months to December 2009.
In January of last year the UK entered recession for the first time since 1991, after experiencing two consecutive quarters of negative economic growth.In January of last year the UK entered recession for the first time since 1991, after experiencing two consecutive quarters of negative economic growth.
It is one of the last major economies still in recession, with the French and German economies exiting recession last summer.It is one of the last major economies still in recession, with the French and German economies exiting recession last summer.
Fragile growthFragile growth
HAVE YOUR SAYI'm sure the figures will show we are out of recession this week, but with the belt tightening for most households, the recent weather and temporary Christmas jobs being laid off, I am almost certain we will go back into recessionAlan, Birmingham Send us your comments
Keith McGregor, restructuring partner at Ernst and Young said: "Growth in the first part of the year could sit in contrast with economic stagnation or even a second dip later on."Keith McGregor, restructuring partner at Ernst and Young said: "Growth in the first part of the year could sit in contrast with economic stagnation or even a second dip later on."
"The events in Dubai at the end of 2009 amply demonstrate how quickly situations can still deteriorate. The coming years could contain more of these shocks" he added."The events in Dubai at the end of 2009 amply demonstrate how quickly situations can still deteriorate. The coming years could contain more of these shocks" he added.
The report also pointed out that in 2010 budget constraints will mean the government pulls back from pumping extra money into the economy.The report also pointed out that in 2010 budget constraints will mean the government pulls back from pumping extra money into the economy.
The Bank of England's 'quantative easing' scheme, in which assets are bought up to increase the amount of money flowing in the economy, is also due to come to an end.The Bank of England's 'quantative easing' scheme, in which assets are bought up to increase the amount of money flowing in the economy, is also due to come to an end.
Overall in 2009, most of the profit warnings came from fixed line telecom firms, the oil industry and banks.Overall in 2009, most of the profit warnings came from fixed line telecom firms, the oil industry and banks.