Begbies CFO to leave for NCC

Begbies Traynor's CFO is set to leave in the summer for the FD job at listed IT assurance business NCC Group.

John Gittins steps down in mid-August after three years at the insolvency specialist.

Nick Taylor, Begbies' group financial controller, will take the role of acting FD until a permanent appointment is made.

Begbies also announced in a trading update that its performance for year end 30 April 2010 would be ahead of the previous year, in line with market expectations.

Insolvency work grew significantly at the start of the year but flattened in the second half. Its tax consulting group returned into profitability in the second half of the year, but will generate a small loss for the financial year.

With insolvencies typically lagging behind economic recovery, Begbies expects insolvencies to increase, but still sluggish in the short term.

"We expect to see the benefit of our organic investments in insolvency, as well as the restructuring of our non-insolvency lines, in the current financial year," said executive chairman Ric Traynor.

Its share price fell 4.38% this morning to 60p.

Further reading:

Begbies renegotiates its credit facilities

Begbies Traynor tax division declining

140,000 companies "in severe financial distress"-Begbies Traynor