Begbies Traynor benefits from seasonal improvement

by Rachael Singh

More from this author

10 Mar 2014

  • Comments
Ric Traynor Begbies Traynor

BEGBIES TRAYNOR announces it has benefitted from seasonal activity over the winter months.

Financial performance was consistent with the board's expectations, in its latest trading statement for the third quarter ended 31 January 2014.

Net debt is also in line with expectations and the group is still within its banking facilities, according to its statement to the London Stock Exchange.

Ric Traynor (pictured), executive chairman Begbies Traynor, said: "Increased activity levels in the typically busier winter months and the continued benefit of prior year cost savings, leave the group well placed to deliver the Board's expectations for the year as a whole."

"The group remains in a strong position to take advantage of opportunities to develop and enhance the business, both organically and through selective acquisitions."

This latest news comes just weeks after the firm revealed it had increased insolvency cases by 1,000 on the previous year.

According to the firm's corporate insolvency appointments for 2013 it handled 1,000 more cases compared to 2012, including 807 liquidations and 133 administrations.

Revenues for the firm were £22.3m in 2013 compared to £26.1m for the six months ended 31 October 2013.

EBITA also fell to £2.6m last year compared to £3.7m in 2012 with profit before tax remaining steady for both years at £2m. However, the firm said that its cost reduction programme was reaping savings of £2.9m compared to an anticipated £2m.

In April last year the firm secured new debt facilities. It has a £10m revolving credit facility with HSBC due to mature in July 2017, with the exact same deal and timing also with Santander. It also has a £10m facility with M&G UK Companies with £5m maturing in April 2020 and £5m maturing in April 2021, as well as a £5m overdraft with HSBC.

The listed firm's share price was 42.00p today, giving it a market cap of £38.39m. For more listed company information visit the SharePriceCentre.

 

Visitor comments

blog comments powered by Disqus
display:none

Add your comment

We won't publish your address


By submitting a comment you agree to abide by our Terms & Conditions

Your comment will be moderated before publication

Submit
  • Send

Appointments to University Committees

University of Glasgow 120x60University of Glasgow - Glasgow - unremunerated positions

 

 

Newsletters

Get the latest financial news sent directly to your inbox

  • Best Practice
  • Business
  • Daily Newsletter
  • Essentials

Careers

Search for jobs
Click to search our database of all the latest accountancy roles

Create a profile
Click to set up your profile and let the best recruiters find you

Jobs by email
Sign up to receive regular updates with the latest roles suitable for you

Briefings

budget-management

Why budgeting fails: One management system is not enough

If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.

cchcover

iXBRL: Taking stock. Looking forward

In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.