Financial Services Industry
Industry: Email Alert RSS FeedUnited Kingdom: U.K. IT Sector in Profit Slump
Bank Technology News, March, 2001 by Louise West
Last year was one many U.K. financial technology vendors would prefer to forget. The U.K. IT sector declared the highest number of profit warnings since 1998, and there are concerns about an overall rise in warnings again.
The U.K. software and services (SCS) sector suffered a three-fold increase in profit warnings during last year, according to London-based business advisors Ernst & Young in its latest quarterly Analysis of Profit Warnings. Financial software vendors dominate the sector in terms of total profit warnings issued.
The SCS sector accounted for 17 of the 77 total profit warnings, or 22%, in the fourth quarter of 2000, one of the highest recorded for any sector in any quarter since Ernst & Young began its quarterly analyses in 1998. The IT hardware and...
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