Begbies Traynor sees results 'significantly' ahead

10th Dec 2009 07:31

Begbies Traynor said results for the first half will be in line with expectations and 'significantly' ahead of the same period last year, due to the good progress made in the group's insolvency division.The group's non-insolvency divisions however continue to experience challenging market conditions. The overall results from these divisions will be lower than those of the same period last year, with the full effects of the current economic environment impacting the tax division. Begbies Traynor's corporate finance business has now been integrated within its core insolvency and recovery division. This enlarged division, which accounts for about 85% of turnover, has continued its good progress.Its results in the first half will be significantly ahead of the same period last year, despite the volume of insolvency cases in the UK market not yet reaching predicted peaks.'Overall trading in the first half has been satisfactory. The extent of business distress and our increased capacity to assist troubled businesses are expected to result in our counter cyclical work flow continuing to grow over the medium term,' said executive chairman Ric Traynor.