Bebgies Traynor results in line with expectations
Insolvency firm Begbies Traynor is expected to reveal that group trading is in line with market expectations, at today's annual general meeting
The chairman of insolvency firm Begbies Traynor is expected to reveal that
group trading for the first four months of the current financial year is in line
with market expectations.
As announced in July 2010, insolvencies make up 80% of the group’s business.
However, corporate insolvencies have declined for six consecutive quarters,
according to government statistics.
Chairman Ric Traynor is expected to say the group “partially” mitigated
against the decline of insolvencies with other work and through the
restructuring of the business in the previous financial year.
Begbies expects “cash outflow” in the first half of the financial year, due
to an increase in the amount of time an insolvency case takes to finish and the
acquisition of insolvency firm Tomlinsons in June.
The group expects insolvencies to increase in the future due to recent
public sector cut announcements and the “winding down” of government support
measures, such as tax deferral schemes.
Traynor is expected to say the outlook for the full financial year is in line
with market expectations.
An update on Begbies’ performance for the six months ending 31 October 2010
will be available in early December.
Further reading:
Corporate
insolvencies to fall in third quarter
Begbies
Traynor Group sets up global fraud and risk division