Begbies Traynor Group PLC Third Quarter Trading Update (8017R)
March 05 2019 - 2:00AM
UK Regulatory
TIDMBEG
RNS Number : 8017R
Begbies Traynor Group PLC
05 March 2019
5 March 2019
Begbies Traynor Group plc
Third Quarter Trading Update
Begbies Traynor Group plc (the "Group"), the business recovery,
financial advisory and property services consultancy, today issues
a trading update for its third quarter ended 31 January 2019.
The Group has traded in line with our expectations in the
period, with revenue and profit growth for the year to date. This
performance is consistent with achieving our expectations for the
year as a whole.
As referenced at the time of our half year results announcement
in December 2018, the second half of the financial year for
recovery and advisory services anticipated the completion of a
number of contingent fee engagements and higher activity levels.
During the third quarter we have successfully completed a number of
contingent engagements and seen a continuing good flow of
insolvency appointments. There remain several contingent
instructions which we expect to complete in the final quarter. On
14 February 2019, we announced the acquisition of KRE (North East)
Limited, a Newcastle based insolvency practice in line with our
strategy to continue to develop our market-leading business
recovery practice, alongside our property services consultancy.
The total number of corporate insolvencies (source: The
Insolvency Service*) in calendar year 2018 increased by 10% to
16,090 (2017: 14,631). This increase followed the 2015, 2016 and
2017 calendar years which represented the lowest level of corporate
appointments since 2004.
The property services business has continued to perform well in
the third quarter and we were pleased to complete the acquisition
of Croft Transport Planning & Design on 31 January 2019. Croft
strengthens our property professional services business, through
expanding the consultancy services offered to real estate
developers and corporate clients.
*Source: The Insolvency Service quarterly insolvency statistics
on a seasonally adjusted basis, excluding the one-off effect of
1,349 (2017: 2,686) bulk insolvencies as identified by the
Insolvency Service.
Ric Traynor, Executive Chairman of Begbies Traynor Group plc,
commented:
"We have had a busy few months with a good third quarter
performance and the completion of recent acquisitions that further
develop our core businesses. We remain confident that we are on
track to achieve our expectations for the year as whole."
Enquiries please contact:
Begbies Traynor Group plc 0161 837 1700
Ric Traynor - Executive Chairman
Nick Taylor - Group Finance Director
Canaccord Genuity Limited 020 7523 4588
(Nominated Adviser and Joint Broker)
Sunil Duggal / Chris Connors
Shore Capital 020 7408 4090
(Joint Broker)
Mark Percy / Anita Ghanekar
MHP Communications 020 3128 8100
Reg Hoare / Katie Hunt
Information on Begbies Traynor Group can be accessed via the
Group's website at
www.begbies-traynorgroup.com
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END
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