LONDON (Alliance News) - Business recovery and property services firm Begbies Traynor Group PLC on Tuesday reported a dip in pretax profit and revenue for the first half of its financial year but said it remains on track for the full year.
Begbies said its pretax profit for the half to the end of October was GBP500,000, down from GBP600,000 a year prior, as revenue fell to GBP24.5 million from GBP25.5 million.
The group said its Insolvency & Restructuring practice has performed well and maintain margins despite a fall in activity in the half, with the soft markets it faces offset by good revenue growth in the firm's Property Services arm.
Begbies declared an interim dividend of 0.60 pence per share, flat year-on-year.
"The group has delivered another solid financial performance in the period, with results in line with expectations," said Ric Traynor, the executive chairman of Begbies Traynor.
"For the year as a whole, we anticipate growth in earnings, in line with expectations, with the benefits of our investment in property services complementing our market-leading, profitable and cash generative insolvency business. We will continue to look for opportunities to develop and enhance the group, both organically and through selective acquisitions," he added.
Shares in the company were down 3.4% at 46.39 pence on Tuesday morning.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Begbies (BEG)