Revenues grew and profits held at
Traynor for its April 2010 year end.
Its revenues were £69.1m for the year, up from £62.1m in 2009. Adjusted
profit before tax was £10.4m, from £9.8m.
The insolvency market was constrained due to quantitative easing and low
interest rates, however its revenues for the service line grew 13% to £58.9m.
Begbies has also improved its financial performance due to restructuring its
Insolvencies will continue in the medium term, with the UK government’s ”
tough fiscal stance”, in particular on public sector spending, set to impact on
the financial stress suffered by SMEs going forward, the firm predicts.
Organic growth and acquisitions will also boost the performance of its
insolvency arm in the next year.
Its tax division made a loss in the first half of the year, but re-entered
profitability in the second half, to post a £0.6m loss for 2010.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
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