Profit warnings are at their highest level since prior to the dot.com bubble burst in 2001. A survey by accountants Ernst & Young recorded 191 warnings from UK-quoted companies in the first half of 2007 with a previous high of 230 in 2001.

General Retail (ten warnings) and Personal Goods (four alerts) were among the hardest hit as rising interest rates have bitten into consumer spending. All four Personal Goods warnings came from the beleaguered Clothing & Accessories sub-sector, although unusually wet weather was also to blame here.

Other sectors at the top of the warnings league table including Software & Computer Services with 17 alerts and Support Services whose constituents posted 12 warnings in all. The first-half tally is up 13% on the 169 warnings in the first six months of 2006.