Business Recovery

Begbies Traynor ‘confident’ following Q3 performance

In its latest trading update, the group said it continues to perform well, maintaining its run  rate for activity levels and new appointments

Begbies Traynor Group has announced it has continued its “strong” trading performance across all operating divisions in the third quarter ended 31 January 2021.  

While no exact figures were given, the business recovery, financial advisory and property services consultancy said its latest performance leaves it “confident” of the outcome for its full-year results, when it expects to deliver results “at least” in line with expectations.

In its latest trading update, the group said it continues to perform well, maintaining its run  rate for activity levels and new appointments. It added that this was “in spite” of the continuing government support measures, which have reduced the number of insolvencies in the UK since March 2020. 

Meanwhile, its property advisory and transactional services business has delivered a “robust” performance in the quarter, in line with its second quarter recovery and with no adverse impact from lockdown restrictions.

Begbies Traynor also noted that the integration of the recently acquired CVR insolvency business, which was announced 18 January 2021, is “proceeding well”, with initial trading in line with expectations. 

In addition, the recently announced acquisition of HNG and its ongoing investment in  complementary property services continues to build its “depth and breadth of service together with our geographic coverage”. 

Following these recent investments in CVR and HNG, the group said it has maintained its strong financial position with “significant” levels of headroom within its committed bank facilities.

Ric Traynor, executive chairman of Begbies Traynor Group, said: “The group continues to perform well which gives us confidence in delivering results at least in line  with expectations for the current year. 

“With the benefit of recent acquisitions and other organic growth  initiatives the group is also well positioned to deliver the anticipated material growth in earnings in the  2021-22 financial year.” 

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