It was an in-line set of full-year results for Begbies Traynor, which posted a rise in profit despite seeing revenues slip, hit by a 9% year-on-year reduction in the number of corporate insolvencies. The 12-month period saw "challenging trends", although the group was able to retain its market-leading position. Begbies delivered £45.8m in revenue compared to £51.1m a year earlier, although profit came in at £3.8m, up from £2.4m previously due to lower exceptional costs than last year. On an adjusted basis, profit fell from £6.7m to £5.0m year-on-year, while margins dropped from 15.0% to 13.3%. Ric Traynor, Executive Chairman of Begbies Traynor Group, said: "The group has maintained its market-leading position, having handled the largest number of corporate insolvency appointments in the UK, and delivered solid profits and margins. This is despite lower levels of corporate insolvencies in the calendar year 2013 compared to 2012. "With the benefit of our reduced cost base, a strong financial position and committed medium and long-term bank facilities, the group remains well placed to take advantage of opportunities to develop and enhance the business, both organically and through selective acquisitions. "We also retain the capacity and expertise to handle an increase in activity levels should they arise, which would result in improved profitability due to the inherent operational gearing in the business." Strong levels of cash generation helped reduce net debt by £2.7m to £14.5m, while gearing fell from 30% to 24% year-on-year. The group recommended the total dividend be paid at 2.2p, in line with the year before.Canaccord Genuity retained its 'buy' rating on the stock, and raised its target price from 49p to 54p. Shares climbed 1.44% to 47.55p by 14:34. NR