Frances Ball 7 May 2019 11:04am

Begbies Traynor revenue well ahead of market expectations

The business recovery and advisory consultancy has published a trading update far ahead of market expectations

The year ended 30 April 2019 proved to be a good one for the consultancy group, with a strong performance in its final quarter.

The insolvency company will announce its annual results on 9 July, but its interim trading update shows a successful year.

Both operating divisions contributed to the strong performance, with cash collection overall significantly ahead of the company’s expectations “which has resulted in a year-end net debt position of £6m”.

The firm now expects their revenue and profit to be well ahead of market expectations.

Ric Traynor, executive chairman of Begbies Traynor, commented, “We enter the new financial year with a strong order book and favourable market conditions, and are well placed to continue our track record of earnings growth.”

The company recently put out a Red Flag Alert, after it found that 16% of all businesses were in financial distress at the end of March. In financial services, there was a 5% increase in the number of businesses under significant distress.