Begbies chairman hails year of progress despite static results

Mark Millar and Steve Padley

“A year of further progress” is how Begbies Traynor executive chairman described the groups financial performance, despite it posting figures that were ever so slightly down on the previous year.

Revenue stood at £49.7m for ther year to the end of April (2016: £50.1m). Pre-tax profits were down to £600,000 (2016: £900,000), although the adjusted pre-tax profit figures looked healthier, at £4.9m (2016: £4.5m).

The listed Manchester-based company, which has offices nationwide, said it had seen a “solid performance” in business recovery and financial advisory services and that profits had been broadly maintained in spite of the continued low level of corporate insolvencies.

The group’s property services division continues to grow and now contributes 30% of the group’s total revenue and profit.

The acquisition of Pugh & Co in June 2016 means it is now the UK’s largest regional firm of commercial property auctioneers by number of lots.

Ric Traynor, executive chairman of Begbies Traynor Group, said: “We have had a year of further progress in developing the group and broadening its service offerings, with earnings in line with expectations.”

He added: “We remain the leading UK corporate appointment taker by volume and are well-positioned to take advantage of the cyclicality of this market.

“Looking forward, we anticipate a growth in earnings in the new financial year as the board continues to look for further opportunities to develop and enhance the business, both organically and through selective acquisitions.”

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