Begbies Traynor Group PLC Replacement Q3 Trading Update- March 2018 (4745M)
April 30 2018 - 1:01AM
UK Regulatory
TIDMBEG
RNS Number : 4745M
Begbies Traynor Group PLC
30 April 2018
The following amendment has been made to the 'Third Quarter
Trading Update' released on 6 March 2018 at 7.00am under RNS No
7645G:
The total number of corporate insolvencies (source: The
Insolvency Service*) in calendar year 2017 has been amended from
16,112 to 15,112, meaning that the year on year increase in
corporate insolvencies has been amended from 9% to 2.5%. This
reflects an amendment to the total number of personal service
companies excluded (identified by the Insolvency Service due to
their one off effect) from the 2017 figure from 1,131 to 2,131. For
additional clarity, the overall number of corporate insolvencies in
2017 was 17,243 compared to 16,545 in 2016, including personal
service companies in both periods.
All other details remain unchanged. The full amended text is
shown below.
Begbies Traynor Group plc
Third Quarter Trading Update
Begbies Traynor Group plc (the "Group"), the business recovery,
financial advisory and property services consultancy, today issues
a trading update for its third quarter ended 31 January 2018.
The Group has traded in line with our expectations in the
period, with revenue and profit growth for the year to date,
reflecting improved year-on-year performance in business recovery
and advisory services. We remain confident that results will meet
our expectations for the year as a whole.
The acquisition of Springboard Corporate Finance Limited has
been announced separately today.
The year-on-year increase in corporate insolvency appointments
experienced in the first quarter of calendar year 2017, and
reported in our July year-end announcement, was sustained for the
calendar year as a whole. The total number of corporate
insolvencies (source: The Insolvency Service*) in calendar year
2017 increased by 2.5% to 15,112 (2016: 14,749). This increase
followed the 2015 and 2016 calendar years which represented the
lowest level of corporate appointments since 2004.
* Source: The Insolvency Service quarterly statistics of
corporate insolvency appointments in England and Wales, as released
on 26 January 2018, excluding the one off effect of 2,131 connected
personal service companies which entered liquidation on the same
date following changes to claimable expenses rules
Ric Traynor, Executive Chairman of Begbies Traynor Group plc,
commented:
"A good performance in the first nine months of our financial
year bodes well for a positive full year outcome, and is expected
to ensure the Group continues its recent track record of profit and
earnings growth.
"Our strengthened financial performance is enabling us to
execute our strategy and continue to invest in the growth of the
business as demonstrated by our two recently completed
acquisitions."
Enquiries please contact:
Begbies Traynor Group plc 0161 837 1700
Ric Traynor - Executive Chairman
Nick Taylor - Group Finance Director
Canaccord Genuity Limited 020 7523 4588
(Nominated Adviser and Joint Broker)
Sunil Duggal
Andrew Buchanan
Margarita Mitropoulou
Shore Capital 020 7408 4090
(Joint Broker)
Mark Percy / Anita Ghanekar
MHP Communications 020 3128 8100
Reg Hoare / Katie Hunt
Information on Begbies Traynor Group can be accessed via the
Group's website at
www.begbies-traynorgroup.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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