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01 Oct 2012
BEGBIES TRAYNOR has reiterated that a slow insolvency market is continuing to take its toll on the firm.
A statement from the firm said: "Current year trading reflects the seasonality of the quieter summer months and continuing subdued market conditions, which saw a 12% decline in the number of insolvencies from the first calendar quarter of 2012 ... and an 8% decline on the comparative period of 2011.
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"The group continues to focus on managing its cost base, which will incur exceptional restructuring costs of £1m in the period."
It also claimed net debt will stay around what was already announced in the final year report of £20.1m, which it claims is within banking facilities.
Begbies Traynor chairman Ric Traynor (pictured) previously said that the markets remain challenging and that he did not anticipate a substantial improvement in the near term, according to a final results statement for the year ended 30 April 2012.
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