BusinessCompany NewsBegbies issues first figures on AIM

Begbies issues first figures on AIM

Begbies releases first prelims since listing on AIM, and attempts to deal with controversial accounting standard Abstract 40

Begbies Traynor has released its first set of prelims since listing on AIM
last October, announcing a £1.3m profit after interest, tax, amortisation and
pre-acquisiton costs.

The group, which acquired MCF and FDB during the year, has enjoyed the ‘most
active and exciting period’ in its history, according to chairman Ric Traynor.

In his statement to the market, Traynor said that the company had noted
strong growth in demand for personal insolvency services and had begun to
undertake work in this area.

‘This requires different operating model from business-related recovery work,
and we are developing a strategy to appropriately respond to the market demand,’
said Traynor.

The statements have adopted the new standards on revenue recognition, known
as Abstract 40, where completed work is included at a realisable value. It is
believed that Begbies is the first listed professional services to publish
revised figures incorporating the new standard.

Traynor said: ‘I believe that the new standard improves the accuracy of
measurement of activity, but we will not lose sight of the need to invoice for
our work to allow value to be translated into cash.

Begbies CFO Graham McInnes said that where the firm has the authority to do
so, it treats its work under the Abstract, otherwise they bill under SSAP 9 as
work in progress at cost.

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