(Alliance News) - Begbies Traynor Group PLC on Tuesday said its performance improved in the third quarter of its current financial year, thanks to acquisitions.
The AIM stock was 8.2% higher in London in morning trade at 84.43 pence a share.
The financial advisory and property services consultancy firm said it has continued to trade "well" in the three months to the end of January, resulting in "strong" growth in revenue and profit year-on-year.
As a result, the company said it is confident of delivering results at least in line with expectations for its current financial year, which ends at the end of April.
By segment, Begbies said the recovery and financial advisory business continues to perform well, with a combination of organic growth and the positive contribution from acquisitions.
The insolvency market remains favourable, the company noted, with the number of corporate insolvencies in 2019 having increased by 7% to 17,196.
Turning to the property advisory & transactional services business, Begbies said it has traded in line with expectations and the development of the division has continued with the integration of the Ernest Wilson business sales agency, which was acquired in October 2019.
"The group has delivered strong organic growth, complemented by good performances from our recent acquisitions. This, combined with continuing favourable UK insolvency market conditions, gives us confidence in delivering results at least in line with current market expectations for the full year," said Executive Chair Ric Traynor.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Begbies (BEG)