Insolvency expert profits beat expectations

Business recovery specialist Begbies Traynor has announced that its annual profits are set to be “comfortably ahead” of market expectations.

The consultancy, which has an office in Preston, said that it had performed strongly in the final quarter of the financial year.

In a trading update the group said the performance was “driven by a number of successful fee realisations combined with continuing strong performance from both operating divisions.”

Cash collection in the period was significantly ahead of expectations, which has resulted in a year end net debt position of £6m.

The business recovery, financial advisory and property services consultancy added: “The integration of our recent acquisitions is proceeding well and their trading in the initial post-acquisition period is in line with our expectations.”

We are well placed to continue our track record of earnings growth.

Executive chairman Ric Traynor said: “We have had a successful end to our financial year with our results anticipated to be comfortably ahead of market expectations.

“We enter the new financial year with a strong order book and favourable market conditions, and are well placed to continue our track record of earnings growth.”

The practice celebrated the 25th anniversary of its Preston operation last year. It has a 30-strong team based in the city.