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  "documentTitle": "Parthenon Profit Warnings Q3",
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  "notes": "The chart shows a stacked bar breakdown of profit warnings by sector over four quarters (Q4 24 to Q3 25).",
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      "text": "As uncertainty continues to shape the economic landscape, sectors navigating multiple headwinds – including consumer demand, cost inflation, regulatory change, and digital transformation – are likely to remain at the forefront of profit warning activity.",
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      "text": "The FTSE sectors with the highest percentage of companies warning in the last 12 months were: Personal Goods (57%), Technology Hardware and Equipment (53%) and Household Goods and Home Construction (43%).",
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      "text": "The FTSE sectors with the highest number of profit warnings in Q3 2025 were: Software and Computer Services (10), Media (6), and Construction & Materials (6) and Retailers (5).",
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      "text": "Construction warnings are already nearly triple their 2024 level, as the sector contends with residential market weakness, commercial uncertainty, budget constraints, and delays tied to new safety regulations.",
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      "text": "Labour-intensive consumer sectors are struggling to absorb rising employment costs amid softening demand.",
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      "text": "Healthcare warnings reflect shifts in government spending and sector reorganisation, especially in the UK and US, where policy paths are still uncertain.",
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      "text": "In Q3 2025, 47% of warnings cited the impact of geopolitical uncertainty or policy shift, 34% of warnings cited delayed or cancelled orders and 19% cited weaker consumer confidence.",
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      "text": "Uncertainty is still the dominant theme in UK profit warnings. What changed in the third quarter was the marked spread of ‘confidence warnings’ into consumer-facing sectors. Companies in retail, travel, and hospitality reported customers trading down, delaying purchases, and limiting discretionary spending – behaviours that echo earlier warnings from business services and industrial firms.",
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