Last checked at 30 Sep 2014 07:00
30 September 2014
Begbies Traynor Group plc
AGM Statement
Trading Update
Begbies Traynor Group plc ("the Group"), the UK's leading independent business recovery practice, is today holding its Annual General Meeting at which Ric Traynor, Executive Chairman, will make the following remarks on the Group's performance in the first four months of the current financial year commencing 1 May 2014.
Current year trading
"As stated in our final results, announced on 9 July 2014, the first half, which includes the quieter summer months, is a relatively slow trading period, with the bias of activity expected towards the second half. This expectation remains unchanged following the first four months of the year, in line with the Group's typical seasonal trading patterns.
Market conditions remain challenging, with the Government insolvency statistics worse than expected. An 8% decline was reported in the number of corporate insolvency appointments to 8,948 in the first half of calendar year 2014 compared to 9,727 in the same period of 2013*. This reduction in market activity has led to lower year on year revenue which has been partially mitigated by the contributions from recent acquisitions.
* Source: The Insolvency Service quarterly statistics of corporate insolvency appointments in England and Wales
Outlook
As last year, the financial outturn for the full year will be heavily dependent on trading in our traditionally busier second half. However insolvency market conditions remain challenging, which may impact on performance for the full year.
With the benefit of a strong financial position and committed bank facilities, we are well placed to continue to take advantage of opportunities to enhance the business through both organic investments and selective acquisitions."
- 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