Trading Statement

RNS Number : 6225B

Begbies Traynor Group PLC

06 March 2014

 



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

 

END

 

 

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