Profit warnings reach highest level since recession - report

The number of profit warnings posted by publically listed companies has reached the highest level since the last recession, according to a survey.

There were 100 warnings by companies listed on the London Stock exchange between October and December - the most since the start of 2009, it said.

Companies are obliged to warn their investors when they think they will earn less than previously expected.

The survey from consultants EY comes amid concerns for the global economy.

Traders fear a slowdown in China could see the world return to recession.

Output in China grew by 6.9% in 2015, compared with 7.3% the year before - its slowest growth in a quarter of a century.

Companies in the oil sector issued the most profit warnings, but retailers and travel firms also stood out.

The last time there were as many in a single quarter was the start of 2009, when Britain was in the middle of its deepest recession in modern times.

Some 17% of listed companies issued warnings over the course of 2015 - the highest percentage since 2008, the report said.