Begbies Traynor Group PLC
14 November 2006
RNS Release
14 November 2006
Begbies Traynor Group plc
Pre-Close Trading Update
Begbies Traynor Group plc ('BTG' or 'the Group') (AIM: BEG) announces that its
interim results for the six months to 31 October 2006 will be released on 16
January 2007 and provides a pre-closing update on current trading.
The Board confidently expects that the Group will report activity and profits
for the period that reflect the growth of the Group since the annual report for
the year to April 2006 and firmly underpin market expectations for the year to
April 2007.
In addition to the acquisitions in May and June 2006, already the subject of
specific announcements and which have now been fully integrated, we have made
significant strides in augmenting our core services through the hire of senior
individuals and teams across all of our professional service streams.
We have welcomed substantial corporate finance teams in London and Manchester,
bringing our fee earning strength to 23 over 3 major city locations. We have
added a Manchester based team and a specialist risk management team in London to
our expanding investigation services division and, in our traditional core
business of insolvency, we have successfully concluded the lateral hire of 3
licensed key individuals and the fee earner support staff they require. We
remain in discussion with a number of further potential candidates. Total group
headcount is now 346 fee earners and 100 in support/administration.
Having paused our programme of acquisitions over the summer, to facilitate the
smooth integration of those already completed, the Board has opened discussions
with a number of businesses in insolvency and other professional services
activities. Whilst none of these potential acquisitions can yet be announced, we
are confident that several will reach positive conclusions over the coming
months.
Overall, our markets have shown encouraging signs of demand growth, although the
only dramatic growth area has been in the provision of consumer debt solutions.
That market is currently the subject of considerable speculation prompted by
comments from the lending community. This activity accounts for only around 5%
of the Group at present and the Board has resolved not to aggressively expand in
this area, until we have concluded our discussions with lenders as to how they
wish this insolvency service to be conducted. In the medium term, however, the
Board remains convinced that a profitable market in this area will persist and
expects to build the Group's position within it, based on our existing close
working relationships with the major lending institutions.
Since its formal launch announced only a month ago, BGN, our network of
international associations, has proved pleasingly successful, with a steady
stream of applicants for membership and the creation of significant cross border
referrals.
The Board is very pleased with the progress made by the Group over the first
half of its current accounting year and looks forward with great confidence.
Enquiries, please contact:
Ric Traynor Mike Sawbridge
Executive Chairman Nominated advisor
Begbies Traynor Group plc Shore Capital & Corporate Limited
0161 839 0900 0151 600 3722
This information is provided by RNS
The company news service from the London Stock Exchange TEAXFDFFNKFFE
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.