Begbies Traynor on track to meet full-year expectations

27th Feb 2023 09:15

(Sharecast News) - Begbies Traynor said on Monday that it was on track to meet market expectations for the year after its third-quarter performance was in line with the first half.

Market expectations are for revenue of £117.7 to £121.4m and adjusted pre-tax profit of £19.7m to £20.6m.

Begbies said the business recovery and financial advisory division continues to trade in line with expectations. In business recovery, it highlighted a continued "encouraging" level of new insolvency appointments across all market segments. This includes higher value cases such as the ongoing administration of Paperchase.

"The continuing recovery of mid-market cases, which remain below pre-pandemic levels, are expected to benefit the new financial year," it said.

In financial advisory, meanwhile, Begbies said its teams are trading well and have a good pipeline of engagements to meet expectations for the year.

The property advisory & transactional services division continues to perform well and in line with expectations, "reflecting its resilient income streams and a continuing flow of new instructions," it said.

Executive chairman Ric Traynor said: "We have continued to perform well across the group and our outlook for the full year remains unchanged. This will extend our strong financial track record of growth, through a combination of organic and acquisitive investment."