UK pre-tax profits hit new record of £218bn in Q3

Boosted by oil sector

Pre-tax profits for UK plc jumped 13.7% in the third quarter of the year to reach a total £217.9bn for the past 12 months, breaking the all-time record last set in 2011.

According to the latest Profit Watch report from The Share Centre, revenues have risen for nine consecutive quarters, the longest period of expansion since the aftermath of the financial crisis in 2009, while profits have risen for six consecutive quarters. The report also said pre-tax profits almost twice as fast as the 7.6% year-on-year increase in company revenue. Charteris' Williams cuts 90% position to snap up UK stocks during October falls The oil sector was the largest generator of revenues, helped by the rising oil price to $80, and accounted for a quarter of the total reve...