Corporate recovery firm trading is well ahead of expectations

Manchester corporate recovery and professional services firm Begbies Traynor is predicting that trading for the year will be ahead of expectations.

The firm issued a trading update this morning which struck a positive note.

The company said the business has performed strongly in the final quarter of the financial year.

As a result of which the firm now expects revenue and profit for the financial year as a whole to be comfortably ahead of market expectations.

This was driven by a number of successful fee realisations combined with continuing strong performance from both operating divisions.

Cash collection in the period was significantly ahead of expectations, which has resulted in a year end net debt position of £6m.

The integration of recent acquisitions is proceeding well and trading in the initial post-acquisition period is in line with expectations.

Ric Traynor, executive chairman of Begbies Traynor Group, said: “We have had a successful end to our financial year with our results anticipated to be comfortably ahead of market expectations.

“We enter the new financial year with a strong order book and favourable market conditions, and are well placed to continue our track record of earnings growth.”