UK profit warnings fell to a three-year low in 2013, but the final quarter of the year saw a late surge in companies reporting problems, according to research by EY.

The firm's Profit Warnings report says there were 73 warnings issued in Q4 2013, a 30% rise on the previous quarter. The FTSE 350 posted as many profit warning (31) as in Q4 2008, at the height of the financial crisis.

In total, UK quoted companies issued 255 warnings in 2013, compared to 287 in 2012.

Keith McGregor, EY's Capital Transformation Leader for Europe, Middle East, India and Africa, said: 'An improving economic outlook should see profit warnings fall in 2014, although perhaps by less than the pace of recovery might suggest. The year has started with a faster pace of alerts than 2013, with companies still feeling the impact of slower global markets, with the added complication of weaker currency translation as sterling strengthens in anticipation of higher UK interest rates.'