Begbies Traynor Group PLC Third Quarter Trading Update (7525E)
03 March 2020 - 6:00PM
UK Regulatory
TIDMBEG
RNS Number : 7525E
Begbies Traynor Group PLC
03 March 2020
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 at
www.begbies-traynorgroup.com/investor-relations.
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END
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