Last checked at 23 Sep 2015 07:00
23 September 2015
Begbies Traynor Group plc
AGM Statement
Trading Update
Begbies Traynor Group plc ("the Group"), the business recovery and property services consultancy, is today holding its Annual General Meeting. Ric Traynor, Executive Chairman, will make the following statement:
"Last year we completed the strategic acquisition of the Eddisons property consultancy; as a result the group is now focussed on two complementary operating divisions which positions us to take advantage of the cyclicality of the insolvency market, where we have maintained our market-leading position by number of appointments, and to develop our property services.
Trading in the first quarter of the current financial year was ahead of the same period last year and in line with our expectations; performance benefited from the Eddisons' acquisition and a reduced cost base in the insolvency division.
The Government insolvency statistics* in the most recently reported second quarter of the calendar year showed a 5% fall in the number of corporate insolvency appointments (3,992 appointments compared to 4,199 in the same period of 2014). For the first six months of the calendar year there was a 12% fall in the number of corporate insolvency appointments to 8,006 compared to 8,953 in the same period of 2014.
Overall, the Group remains well placed to continue to take advantage of opportunities to develop and enhance the business both organically and through selective acquisitions."
* Source: The Insolvency Service quarterly statistics of corporate insolvency appointments in England and Wales
- ENDS -
Enquiries please contact:
Begbies Traynor Group PLC 0161 837 1700
Ric Traynor - Executive Chairman
Nick Taylor - Group Finance Director
Canaccord Genuity Limited 020 7523 8350
(Nominated Adviser and Joint Broker)
Bruce Garrow
Shore Capital 020 7408 4090
(Joint Broker)
Pascal Keane
MHP Communications 020 3128 8100/8794
Reg Hoare / Katie Hunt / Giles Robinson
Information on Begbies Traynor Group can be accessed via the Group's website at www.begbies-traynorgroup.com