Begbies Traynor profits up

9th Jul 2009 15:31

Insolvency specialist Begbies Traynor saw profits rise for the year and said activity levels at the start of the current year is "significantly" ahead of last year."Activity levels at the start of the current financial year within the core insolvency business and therefore for the group as a whole are significantly ahead of the same period last year and we will provide an update on progress at the time of the company's AGM in October 2009," said the group.Pre-tax profits for the year rise 28% to £7.2m on revenue that rose to £62.1m from £48.1m previously. The group said revenues and profits were helped by the significant growth in its core insolvency administration business, which accounts for 80% of the group's revenue."We believe that the volumes of corporate and personal insolvencies, as with levels of unemployment, tend to be indicators that lag any change in economic activity and are therefore likely to continue to rise after the commencement of economic recovery," said the group.Total dividend is up 12% to 2.8p for the year.