Begbies Traynor FY10 Pretax Profit +20%; Ups Final Dividend

8th Jul 2010 07:46

LONDON (Dow Jones)--U.K. insolvency specialist Begbies Traynor Group PLC (BEG.LN) Thursday reported a 20% rise in fiscal year pretax profit following high levels of insolvency activity during the year and its tax unit returning to profitability in the second half. Executive Chairman Ric Traynor said activity levels for the first two months of fiscal 2011 are slightly ahead of last year and in line with management expectations, adding that the company will continue to look at selective acquisitions in the insolvency and restructuring sector. For the year ended April 30, Begbies posted pretax profit of GBP8.7 million compared with GBP7.2 million in the same period a year earlier. Revenue rose to GBP69.1 million from GBP62.1 million and the firm proposed a final dividend of 1.9 pence a share--a 12% increase on year. This takes the total for the year to 3.1 pence--an 11% increase on year. Begbies said it had principal bank debt of GBP15.9 million at the year end and is comfortably within its GBP35 million banking facilities. -By Rachael Gormley, Dow Jones Newswires; 44-20-7842-9308; [email protected] Order free Annual Report for Begbies Traynor Group PLC Visit http://djnweurope.ar.wilink.com/?ticker=GB00B0305S97 or call +44 (0)208 391 6028 (END) Dow Jones Newswires July 08, 2010 02:46 ET (06:46 GMT)