According to a report, the profit warnings from the UK-listed companies in the second quarter of this year were at its lowest mark for last seven years.

During the time period of April and June, about 45 companies of UK have warned that the profits would be lower than expected but according to the Ernst & Young, the profits has gone lower than that of the previous quarter.

This was for the first time; this profit figure had gone down below 50 since the year 2003.

Many of the companies have said that they expect much harder times ahead as the fiscal tightening on the consumer spending and public sector will be more and more in near future.

There were six profit warnings issued by the leisure and travel sector and four of them were linked to the disaster caused by the volcanic ash cloud in May.

Other sectors who have issued warnings include software and computer services and construction etc. Six of the 45 warnings were from the business sector.