Last checked at 30 Apr 2018 07:00
The following amendment has been made to the 'Third Quarter Trading Update' released on 6 March 2018 at 7.00am under RNS No 7645G:
The total number of corporate insolvencies (source: The Insolvency Service*) in calendar year 2017 has been amended from 16,112 to 15,112, meaning that the year on year increase in corporate insolvencies has been amended from 9% to 2.5%. This reflects an amendment to the total number of personal service companies excluded (identified by the Insolvency Service due to their one off effect) from the 2017 figure from 1,131 to 2,131. For additional clarity, the overall number of corporate insolvencies in 2017 was 17,243 compared to 16,545 in 2016, including personal service companies in both periods.
All other details remain unchanged. The full amended text is shown below.
Begbies Traynor Group plc
Third Quarter Trading Update
Begbies Traynor Group plc (the "Group"), the business recovery, financial advisory and property services consultancy, today issues a trading update for its third quarter ended 31 January 2018.
The Group has traded in line with our expectations in the period, with revenue and profit growth for the year to date, reflecting improved year-on-year performance in business recovery and advisory services. We remain confident that results will meet our expectations for the year as a whole.
The acquisition of Springboard Corporate Finance Limited has been announced separately today.
The year-on-year increase in corporate insolvency appointments experienced in the first quarter of calendar year 2017, and reported in our July year-end announcement, was sustained for the calendar year as a whole. The total number of corporate insolvencies (source: The Insolvency Service*) in calendar year 2017 increased by 2.5% to 15,112 (2016: 14,749). This increase followed the 2015 and 2016 calendar years which represented the lowest level of corporate appointments since 2004.
* Source: The Insolvency Service quarterly statistics of corporate insolvency appointments in England and Wales, as released on 26 January 2018, excluding the one off effect of 2,131 connected personal service companies which entered liquidation on the same date following changes to claimable expenses rules
Ric Traynor, Executive Chairman of Begbies Traynor Group plc, commented:
"A good performance in the first nine months of our financial year bodes well for a positive full year outcome, and is expected to ensure the Group continues its recent track record of profit and earnings growth.
"Our strengthened financial performance is enabling us to execute our strategy and continue to invest in the growth of the business as demonstrated by our two recently completed acquisitions."
Enquiries please contact:
Begbies Traynor Group plc 0161 837 1700
Ric Traynor - Executive Chairman
Nick Taylor - Group Finance Director
Canaccord Genuity Limited 020 7523 4588
(Nominated Adviser and Joint Broker)
Sunil Duggal
Andrew Buchanan
Margarita Mitropoulou
Shore Capital 020 7408 4090
(Joint Broker)
Mark Percy / Anita Ghanekar
MHP Communications 020 3128 8100
Reg Hoare / Katie Hunt
Information on Begbies Traynor Group can be accessed via the Group's website atwww.begbies-traynorgroup.com