Last checked at 7 Mar 2017 07:00
7 March 2017
Begbies Traynor Group plc
Third Quarter Trading Update
Begbies Traynor Group plc ("'the Group"), the business recovery and property services consultancy, today issues a trading update for its third quarter ended 31 January 2017.
Our expectations for the year as a whole remain unchanged. We have seen an improvement in activity levels in our insolvency business in the third quarter, as anticipated at the time of our half year results which we reported in December 2016. This leaves us well placed for a strong last quarter albeit our work in progress in both the insolvency and property services businesses includes a number of engagements with fees contingent upon completion prior to the year end.
The insolvency market has continued to show signs of stability, albeit at historically lower levels of activity, with an estimated 14,706 company insolvencies in England & Wales for the year ended 31 December 2016 compared to 14,657 in 2015*.
*Source: The Insolvency Service quarterly insolvency statistics, 27 January 2017, excluding the one off effect of 1,796 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, said:
"Overall, we are encouraged to see some market stability and the increased activity levels typical of the busier winter months for insolvency, complemented by the benefit of our investment in property services. We continue to look for opportunities to develop the Group both organically and through selective acquisitions."
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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 8100
Reg Hoare / Katie Hunt / Giles Robinson
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
About Begbies Traynor Group:
Begbies Traynor Group is a business recovery and property services consultancy, providing services nationally from a comprehensive network of UK locations, through two operating divisions: Begbies Traynor and Eddisons.
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. We provide a range of specialist professional services primarily to businesses, their professional advisors and the major banks covering insolvency, restructuring and risk management activities.
Eddisons is a leading UK firm of chartered surveyors, offering a wide range of specialist services to banks, insolvency practitioners, and owners and occupiers of commercial property. The core services offered are valuation and disposal of property including fixed charge property receiverships; valuation and disposal of machinery and business assets; auctions; insolvency insurance brokerage; property and facilities management; and building consultancy and ratings valuations.
Further information on Begbies Traynor Group can be accessed via the Group's website at www.begbies-traynorgroup.com