Begbies Traynor announces steady growth
First quarter results show insolvency picking up but the firm is still looking to offload its tax and red flag divisions
BEGBIES TRAYNOR chairman Ric Traynor will announce the firm’s results are likely to be in line with market expectations.
At an annual general meeting today Traynor (pictured) is due to explain activity levels in the insolvency and restructuring division increased for the first quarter of 2011, ending 31 July.
Work flow in its global risk area was slightly below last year, although he believes the sector will pick up in the second half of the year.
“Trading in the business in the first quarter of the current financial year has been in line with market expectations for the year as a whole,” said Traynor.
“Activity levels in the group’s insolvency and restructuring division, which accounts for 90% of continuing revenues, are in line with the prior year with the benefit of prior year cost saving initiatives starting to be realised.”
Traynor added the firm was still looking to sell its tax and red flag division following a strategic review last year.
Begbies Traynor’s half year results are due to be released in December.