(Alliance News) - Begbies Traynor Group PLC on Thursday said it is confident of meeting market expectations for its full-year results after achieving revenue and profit rises in the first quarter.
The financial advisory and consultancy firm said first-quarter revenue and profit growth was in line with forecasts and reflected the contribution from its recent acquisitions.
In January, Begbies acquired property consultant MMXI Ltd for a maximum of GBP4 million and in February bought Newcastle-based insolvency practice KRE (North East) Ltd for GBP600,000. It added surveyor BSMH Ltd to its units in April in a GBP3.0 million cash and shares deal.
In July, the company raised GBP8.3 million through a share placing to fund "further acquisition opportunities".
Ahead of the company's annual general meeting on Thursday, Executive Chair Ric Traynor said all areas of Begbies "have continued to perform well".
Traynor added: "The market for our counter-cyclical activities (in insolvency, advisory and property services) has been favourable with a 9% increase in national corporate insolvency appointments in the first six months of the calendar year.
"Revenue and profit growth in the first quarter is in line with our expectations and reflects both the continuing organic development of the group and the contribution from recent acquisitions. We remain confident of delivering current market expectations this year."
The company added that it will release its half-year results in December.
Shares in Begbies Traynor were 3.4% higher at 77.30 pence each in London on Thursday afternoon.
Begbies (BEG)