PROFIT warnings issued by listed companies have more than doubled during the first three months of 2004 in Yorkshire and the north-east, with the retail sector accounting for a third of the total number of "warners", according to the latest report from Ernst & Young.

Between January and March this year, nine companies based in the region, and listed on either the Official List or AIM, made a profit warnings announcement, compared with only four warnings issued in the last three months of 2003.

Six warnings were issued in the same period last year.

Hunter Kelly, corporate restructuring partner with Ernst & Young, said: "Unfortunately it's the same sector that seem,s to be suffering the most in the current economic climate. We predicted last quarter that the region's retailers may well issue further warnings in 2004 with some companies' over-optimistic expectations of the Christmas season coming home to roost. This is no high street crisis, but retailers should not rely on the consumer to dig them out of trouble."

Other sectors issuing warnings in Yorkshire and the North East include household goods & textiles, food, software & computing, engineering & manufacturing, support services and media & entertainment.

Updated: 09:41 Thursday, April 15, 2004