Insolvency specialist reports strong growth in profits

Insolvency specialist Begbies Traynorhas continued to see strong growth in revenue and profit – according to a market update.

The Manchester firm said the performance, combined with a strong first half means it will deliver results at least in line with expectations for the year as a whole.

The recovery and financial advisory business continues to perform well, with a combination of organic growth and the positive contribution from our current year acquisitions.

The insolvency market remains favourable with the number of corporate insolvencies in the calendar year 2019 having increased by 7% to 17,196.

The property advisory and transactional services business has traded in line with expectations and the development of the division has continued with the integration of the Ernest Wilson business sales agency which was acquired in October.

The current year acquisitions have performed in line with our expectations and integration is proceeding well.

Ric Traynor, executive chairman and founder of Begbies Traynor Group, said: “The group has delivered strong organic growth, complemented by good performances from our recent acquisitions.

“This, combined with continuing favourable UK insolvency market conditions, gives us confidence in delivering results at least in line with current market expectations for the full year.

“We continue to increase the scale of our business recovery practice and extend our property services offering, and our strong financial position leaves us well placed to further build upon our track record of organic and acquisitive growth.”