Begbies Traynor will tell shareholders firm remains on course
Insolvency specialist Begbies Traynor revealed that trading in the first quarter of its financial year is in line with expectations, and that it is well placed to consider further acquisitions as part of its growth strategy.
A statement released by executive chairman Ric Traynor ahead of the Manchester-based firm’s annual general meeting today outlined the progress Begbies has made recently.
Mr Traynor said: “Last year was a year of further progress in developing the group, as we continued to deliver earnings growth reflecting the benefit of the strategic investments we have made in recent years.
“During the year, we completed the acquisitions of Springboard Corporate Finance and CJM Asset Management and we launched BTG Advisory which brought together our restructuring, financial advisory, corporate finance, forensic and investigation teams.”
He said levels of activity in the insolvency market have increased in the current calendar year.
“Government insolvency statistics report a 6% increase in the underlying number of corporate insolvency appointments to 7,915 appointments for the six months to June 2018, compared to 7,462 in the same period of 2017.”
He added: “Group trading for the first quarter of the current financial year is in line with our expectation for the year as a whole, with revenue growth in the quarter generated from our recent acquisitions.
“The benefits of our ongoing organic investments in the business, which include senior fee earners across both divisions, are expected to be realised incrementally during the remainder of the year.”
And he concluded: “Overall, we anticipate continuing our track record of earnings growth in the current financial year, as we expect to benefit from an improving market for our counter-cyclical activities whilst seeking to continue to increase our market share through our investments for growth.
“In addition, Springboard and CJM will make their first full year contributions to the group.
“Our strong financial position also leaves us well placed to continue to invest in further opportunities, in line with our strategy to grow both organically and through selective acquisitions.”
The next update by the firm is expected to be its half year results announcement in December.
