Covid sees profit warnings at sector’s listed firms hit record levels

By Dave Rogers2020-10-27T12:07:00

EY says materials companies and housebuilders most affected by effects of pandemic

The havoc caused by covid-19 on construction has been underlined with news that a record number of quoted firms in the industry have issued profit warnings in the first nine months of this year.

Last week, the Construction Products Association warned output will fall 14.5% this year and in August the UK economy was officially declared to be in recession with figures from the Office for National Statistics showing GDP fell 20.4% in the three months to June, the second consecutive quarter of falling growth. GDP declined 2.5% in the first three months of the year.

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