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LONDON (Alliance News) - Business recovery and property services consultancy Begbies Traynor Group PLC on Tuesday said it swung to a pretax loss in its 2015 financial year as it booked a series of one-off costs.
Begbies said its pretax loss for the year to the end of April was GBP723,000, compared to a GBP4.3 million profit a year earlier. The loss was driven by a series of costs related to the relocation of its offices in London, restructuring costs, and the acquisition of Eddisons. Stripping out its one-off costs, the group's earnings before interest, tax and amortisation still fell, however, to GBP4.7 million from GBP6.5 million, due to higher administrative expenses.
Revenue ticked slightly higher for the group, up to GBP45.4 million from GBP44.1 million, held back by a 14% decline in the number of UK corporate insolvencies over the year. The tougher market conditions for the company meant it made moves to streamline its cost base.
The group said the acquisitions it made over the year, including property consultancy Eddisons, Ian Franses Associates and Broadbents Business Recovery Services, are all trading in line with its expectations.
Begbies said it would maintain its dividend payout for the year at 2.2 pence per share, with a final dividend of 1.6 pence, the same as a year earlier.
"The combination of the reduced cost base in the insolvency division, the removal of losses from the discontinued business and the full year impact of the Eddisons acquisition leaves the group well placed in the new financial year. We will continue to look for opportunities to develop and enhance the business both organically and through selective acquisitions," said Executive Chairman Rick Traynor.
Shares in Begbies were down 0.3% to 41.87999 pence on Tuesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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