Ernst & Young said growth would “remain elusive” this year, after revealing new research showing company profit warnings at a four-year high in 2012.
The study found 19 firms in Scotland and Northern Ireland posted economic warnings last year the most since 2008 when there were 21 such statements from quoted companies in the two countries.
Seven warnings were issued in both 2011 and 2010, with eight in 2009.
In the UK as a whole there were 287 profits warnings last year, slightly above the 278 the year previous and the most since the 449 warnings issued as the UK’s financial crisis took a grip in 2008.
In the fourth quarter of last year support services firms issued the largest number of profit warnings, at 15.
There were eight from software and computer services companies and six apiece from electronic and electrical equipment firms and the industrial engineering sector.
The professional services firm said expectations had fallen significantly last year, with the general global economic malaise turning investors off.
“Profit expectations dropped sharply as economic forecasts fell and escalating risks in key economies knocked confidence and delayed investment and purchasing decisions.”