Begbies says insolvency business booming

4th Jun 2009 15:42

Begbies Traynor said its core insolvency business has continued to grow revenue and operating profits since the announcement of the company's interim results in January, and the division's full-year results are expected to be well ahead of last year.The board expects its other activities to also show an improved performance this year, especially the corporate finance division as the benefits from the recent restructuring kick in. 'Prospects for insolvency and corporate recovery remain very strong given the indicators from our Red Flag Alert early warning system which imply an increased flow of work for several years to come,' said Ric Traynor, executive chairman.Operating cash inflows in the second half of the company's financial year were significantly improved and the group's net debt, excluding asset related finance, stood at £13.2m, well within the existing banking facilities of £25m. Total debt, including all sources of finance, is £17.7m.