UK business recovery practice, Begbies Traynor Group, reported a drop in annual pre-tax profits as the number of corporate insolvency appointments declined by 10 per cent.Pre-tax profit for the year ended April 30th came to £2.4m, down from last year's £5.5m, as revenue fell to £51.1m from £57.7m.Earnings before interest, tax and amortisation (EBITA) dipped to £7.7m from £8.5m.Executive Chairman, Ric Traynor, said it was challenging year for the industry as UK corporate insolvency appointments dropped."In this environment we consider that we have delivered a solid financial performance for the year as a result of the ongoing management of our cost base, which has mitigated the impact of lower revenues," he said."Over the last two financial years we have reduced our cost base by £8.0m from £52m to £44m and have reduced net debt significantly from £27.3m as at October 31st 2011 to £17.2m as at the year end."He said the new long-term debt facilities together with the reduction in debt over the last 18 months place the group in a strong financial position.In April, the company completed a refinancing of its debt facilities, which has provided the group with £30m funding, with maturity dates from July 2017 to April 2021, together with a £5.0m overdraft facility. "This will enable us to consider making organic investments and selective acquisitions, whilst providing confidence in the underlying strength of the group, despite the challenging trading conditions," Traynor added. The group proposed maintaining its final dividend at 1.6p per share, taking the total to 2.2p.Begbies Traynor Group remains the UK's leading independent business recovery practice, handling the largest number of corporate insolvency appointments in the country.Shares rose 4.92% to 32p at 11:18 on Wednesday.RD