Trading Update

RNS Number : 8251Y

Begbies Traynor Group PLC

28 February 2013

 



28 February 2013

Begbies Traynor Group plc

Third Quarter Trading Update

Begbies Traynor Group plc ("'the Group"), the UK's leading independent business recovery practice, today issues a trading update for its third quarter ended 31 January 2013 ("the period"). 

Group performance

Group profit from continuing operations (stated before amortisation and exceptional items) for the period has been in line with the Board's expectations and consistent with the performance reported in the half year results in December 2012. Net debt at the end of Q3 was also in line with the Board's expectations and remains comfortably within the Group's banking facilities.

Market conditions

Market conditions remain challenging with a 5.8% decline in the number of corporate insolvencies in England & Wales (source: The Insolvency Service) in calendar year 2012 to 20,580 (2011: 21,858).

Outlook

The Board's expectations for the year as a whole remain unchanged. This remains dependent on trading in our important final quarter, supported by lower cost comparatives following cost saving initiatives over the last two financial years.

Ric Traynor, Executive Chairman of Begbies Traynor, said:

"The Group has continued to report good, sustainable levels of profitability whilst maintaining a sound financial position. Overall the insolvency market remains challenging, despite the impression given by a number of high profile retail administrations since Christmas."

Enquiries please contact:

Begbies Traynor Group PLC                                                                0161 837 1700

Ric Traynor - Executive Chairman

Nick Taylor - Group Finance Director

Canaccord Genuity Limited                                                                 020 7523 8350

(Nominated Adviser and Joint Broker)

Bruce Garrow / Adam Miller

Shore Capital                                                                                      020 7408 4090

(Joint Broker)

Pascal Keane

MHP Communications                                                                         020 3128 8100

Reg Hoare / Katie Hunt / Giles Robinson

Information on Begbies Traynor Group can be accessed via the Group's website at www.begbies-traynorgroup.com

 

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