Insolvency growth benefits Begbies Traynor
REGIONAL accountancy firm Begbies Traynor is still benefitting from the sharp rise in insolvencies.
Five months into its financial year the group, which has its headquarters in Manchester and offices across the North, said like-for-like insolvency-related income was “significantly ahead”.
Insolvency is the firm’s core business and it now takes 80% of its turnover from the division.
In a trading update released ahead of today’s annual general meeting, executive chairman Ric Traynor said the business was trading in line with expectations but its non-insolvency divisions, “are continuing to experience challenging market conditions”, although they are also on target.
Mr Traynor said: “I am pleased to report that the current financial year has started well for the group, and at this early stage, current trading is in line with management expectations, reflecting in particular the strong trading of the insolvency division.”
He added: “Group cashflows are in line with management expectations and the group is in a strong financial position with significant headroom in its bank facilities.”
An update on the six months to October 31, 2009 will be published in early December.
