News
10 Jul 2014 10:53am

Fall in insolvencies hits Begbies Traynor profits

A drop in corporate insolvencies has hit profits at Begbies Traynor

The business recovery specialist’s annual results, published yesterday, show a £5.3m fall in group revenue from 2013 to 2014. Adjusted pre-tax profit was £5m, down from £6.7m in 2013. Pre tax profit - which includes spending on exceptional items - grew from £2.4m to £3.8m.

A 9% reduction in the number of corporate insolvencies last year hit the groups income, it said, while a £4m cost reduction has “partially mitigated” the full impact of the revenue reduction.

Lower spending on exceptional items, largely related to the relocation of the group’s London office, has contributed to the bouyed profit level.

Begbies Traynor executive chairman, Ric Traynor, said, “the group has maintained its market-leading position, having handled the largest number of corporate insolvency appointments in the UK, and has delivered solid profits and margins."

The group has also acquired Cooper Williamson, a “boutique” insolvency company in Manchester with a strong internet presence.

Ellie Clayton

 

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