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3 Mar 2020 07:00
3 March 2020
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 2020.
The group has continued to trade well in the quarter with results showing strong growth in revenue and profit compared to the prior year. This performance, combined with a strong first half, leaves us confident of delivering results at least in line with expectations for the year as a whole.
The recovery and financial advisory business continues to perform well, with a combination of organic growth and the positive contribution from our current year acquisitions. The insolvency market remains favourable with the number of corporate insolvencies (source: The Insolvency Service*) in the calendar year 2019 having increased by 7% to 17,196 (2018: 16,105).
The property advisory and transactional services business has traded in line with expectations and the development of the division has continued with the integration of the Ernest Wilson business sales agency which we acquired in October 2019.
The current year acquisitions have performed in line with our expectations and integration is proceeding well.
*Source: The Insolvency Service quarterly statistics on the number of corporate insolvencies in England and Wales on a seasonally adjusted basis, excluding the one-off effect of 1 (2018: 1,349) bulk insolvencies as identified by the Insolvency Service.
Ric Traynor, Executive Chairman of Begbies Traynor Group plc, commented:
"The group has delivered strong organic growth, complemented by good performances from our recent acquisitions. This, combined with continuing favourable UK insolvency market conditions, gives us confidence in delivering results at least in line with current market expectations for the full year.
"We continue to increase the scale of our business recovery practice and extend our property services offering, and our strong financial position leaves us well placed to further build upon our track record of organic and acquisitive growth."
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)
David Tyrrell / Sunil Duggal
Shore Capital 020 7408 4090
(Joint Broker)
Mark Percy / Anita Ghanekar
MHP Communications 07734 769359
Reg Hoare / Katie Hunt
Information on Begbies Traynor Group can be accessed via the group's website atwww.begbies-traynorgroup.com/investor-relations.
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