Begbies Traynor expects to see insolvency levels rise once Government support ends

BEGBIES Traynor today said it expected to see an increase in market insolvency levels once the Government support measures to boost the economy during the pandemic are removed.
The Chancellor Rishi Sunak has unveiled a package of short-term measures to support the economy during the pandemic.The Chancellor Rishi Sunak has unveiled a package of short-term measures to support the economy during the pandemic.
The Chancellor Rishi Sunak has unveiled a package of short-term measures to support the economy during the pandemic.

Begbies Traynor Group, which is a business recovery, financial advisory and property services consultancy, today announced its final results for the year ended 30 April 2020.

Group revenue in the year increased by 17 per cent to £70.5m. Adjusted profit before tax increased by 31 per cent to £9.2m.

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Begbies Traynor, which has a large operation in Yorkshire, said its business recovery and financial advisory teams had started the year in a strong position.

The firm also anticipates an increase in market activity levels as Government support measures are withdrawn.

Ric Traynor, executive chairman of Begbies Traynor Group, said: “I am pleased to report a year of strong financial performance with growth in revenue and earnings delivered by our organic and acquisitive strategy.

“Our recovery and advisory teams start the new financial year in a strong position to deliver results ahead of last year.

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"This reflects an increased order book, together with the benefit of our recent acquisitions and organic investment and an expectation of an increase in market insolvency levels once the short-term Government support measures for the economy are removed.

“In our property and transactional teams, we have seen encouraging improvements in those service lines impacted by the lockdown and we anticipate further recovery in performance over the remainder of the year. Activity levels for our other property teams have remained robust.

“With our mix of service lines and activities, combined with our strong financial position, we are well placed to continue delivering medium to long-term growth. We continue to progress acquisition and organic investment opportunities given our strong balance sheet, cash generative businesses and counter-cyclical focus.”

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