Last checked at 6 Mar 2014 07:00
06 March 2014
Begbies Traynor Group plc
Third Quarter Trading Update
Begbies Traynor Group plc ("'the Group"), the UK's leading independent business recovery practice, today issues a trading update for its third quarter ended 31 January 2014 ("the period").
Group performance
In the period, the Group, as anticipated, has benefitted from a seasonal improvement in activity levels, which is typical of the busier winter months. Overall, the Group's financial performance is consistent with the Board's expectations for the year as a whole.
Financial position
Net debt at the end of the third quarter was also in line with the Board's expectations and the Group remains comfortably within its banking facilities.
Market conditions
Market conditions remain challenging, following a 9% fall in the number of corporate insolvencies in England & Wales* in calendar year 2013 to 18,841 (2012: 20,749).
Outlook
The Board's expectations for the year as a whole remain unchanged, based on the expectation that the seasonal improvement in activity levels will be maintained in the fourth quarter.
Ric Traynor, Executive Chairman of Begbies Traynor Group plc, said:
"Increased activity levels in the typically busier winter months and the continued benefit of prior year cost savings, leave the Group well placed to deliver the Board's expectations for the year as a whole."
"The Group remains in a strong position to take advantage of opportunities to develop and enhance the business, both organically and through selective acquisitions."
* Source: The Insolvency Service
- 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 / Philippa Underwood
Shore Capital 020 7408 4090
(Joint Broker)
Pascal Keane
MHP Communications 020 3128 8100
Reg Hoare / Katie Hunt / Giles Robinson / Ben Griffiths
Information on Begbies Traynor Group can be accessed via the Group's website at www.begbies-traynorgroup.com