Increased in insolvencies is boon to Begbies Traynor

Ric Traynor

Listed business recovery specialist Begbies Traynor Group says increased insolvency levels have put the company in its ‘strongest position for many years’.

The company with offices in Manchester, Leeds, Birmingham, London, Glasgow and Bristol only last week announced the launch of a new boutique practice offering commercial, strategic and partner-led advice.

In the six months to October 30, the company’s year-on-year revenue grew from £24m to £26m and adjusted pre-tax profit climbed from £2.5m in 2016 to £2.9m.

Meanwhile, net debt has fallen from £12.2m to £6.9m.

Executive chairman Ric Traynor said: “I am pleased to report a good first-half performance, in line with our expectations, reflecting a continuation of the improved performance in business recovery and advisory services experienced in the second half of last year, with property services performing as anticipated.

“Our good performance in the first half of the year leaves us well placed to deliver upon current market expectations for the full year; the delivery of which will enable the group to continue its recent track record of profit and earnings growth.

“The group is in its strongest position for many years, which enables us to execute our strategy and continue to invest in the growth of the business.”

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