Oil price fuels profit alerts

STOCK market companies have racked up a six-year record for profit warnings after energy firms were hit by the falling price of crude oil.

EY’s quarterly report said that 5.4pc of all quoted firms issued warnings in the first three months of the year, the highest percentage since 2009.

These warnings were issued by 77 firms in the period, three more than the same period a year ago.

Oil and gas producers and support services firms issued the most alerts to the City with eight profit warnings each during the period.

Oil prices have fallen by about half to $65 for a barrel of crude from last summer.