Last checked at 21 Sep 2017 07:00
21 September 2017
Begbies Traynor Group plc
AGM Statement
Trading Update
Begbies Traynor Group plc ("the Group"), the business recovery, financial advisory and property services consultancy, is today holding its Annual General Meeting. Ric Traynor, Executive Chairman, will make the following statement:
Last year was one of further progress in developing the Group and broadening its service offerings, with property services now representing approximately 30% of the Group's revenue and profit. In line with our strategy to further develop our property services offering, we invested in expanding our property valuation team and following the acquisition of Pugh & Co in June 2016, we are now the largest regional firm of commercial property auctioneers (by number of lots).
The Group has traded in line with our expectations in the first quarter of the current financial year. Activity levels in business recovery, over the typically quieter summer months, have continued to show year on year improvements as previously reported. Property services is performing in line with our previous guidance.
The Government insolvency statistics* for the six months to June 2017 showed a 2% increase in the number of corporate insolvency appointments to 7,567 appointments compared to 7,441 in the same period of 2016, which is the first like for like increase in appointments since 2009.
Overall, we continue to anticipate growing earnings in the new financial year as we look for further opportunities to develop and enhance the business, both organically and through selective acquisitions.
We will next update on current trading with our half year results in mid-December 2017.
* Source: The Insolvency Service quarterly statistics of corporate insolvency appointments in England and Wales, as released on 28 July 2017, excluding the one off effect of 1,131 connected personal service companies which entered liquidation on the same date following changes to claimable expenses rules.
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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)
Mark Percy / Anita Ghanekar
MHP Communications 020 3128 8794
Reg Hoare / Katie Hunt / Giles Robinson
About Begbies Traynor Group:
Begbies Traynor Group plc is a leading business recovery, financial advisory and property services consultancy, providing services nationally from a comprehensive network of UK locations through two complementary operating divisions.
Business recovery and financial advisory services
Begbies Traynor is the UK's leading independent business recovery practice, handling the largest number of corporate appointments, principally serving the mid-market and smaller companies.
BTG Financial Consulting provides transactional support, valuations and advisory services.
We provide these services to businesses, professional advisors, other stakeholders, investors and financial institutions, working with all the major UK clearing banks.
Property services
Eddisons is a national firm of chartered surveyors, delivering advisory and transactional services to owners and occupiers of commercial property, investors and financial institutions. The division includes Pugh & Co, the largest regional firm of commercial property auctioneers by number of lots.
Further information on Begbies Traynor Group can be accessed via the Group's website at www.begbies-traynorgroup.com