Fewer failures knock Begbies’ revenues
REGIONAL accountancy group Begbies Traynor is continuing to see fewer insolvencies and has warned this trend may hit its full-year performance.
The Manchester-headquartered group described market conditions as “challenging” because of an 8% fall in corporate insolvencies in the first six months of the year – down to 8,948 from 9,727.
In an AGM statement covering the first four months of its financial year, Begbies admitted these numbers were worse than expected and year-on-year revenues were down, but this has been partially mitigated by contributions from recent acquisitions.
Nonetheless, the firm said it usually experiences a slower first half and expects revenues to pick up towards the end of the year.
In a statement, chairman Ric Traynor said: “As last year, the financial outturn for the full year will be heavily dependent on trading in our traditionally busier second half. However insolvency market conditions remain challenging, which may impact on performance for the full year.”