6th Mar 2014 11:11
LONDON (Alliance News) - Begbies Traynor Group PLC said Thursday it is performing in line with its board's expectations for the full-year and that it benefited from seasonal improvements during the typical busier winter months.
In a trading update for its third quarter ended 31 January 2014, Begbies said market conditions remain challenging, following a 9% fall in the number of corporate insolvencies in England & Wales in calendar year 2013 - according to numbers from The Insolvency Service - to 18,841 from 20,749 last year.
The business recovery firm said that, as anticipated, it has benefited from a seasonal improvement in activity levels, which is typical of the busier winter months.
Looking ahead, the company retains its expectations for the full-year, it said, based on the expectation that the seasonal improvement in activity levels will be maintained in the fourth quarter.
Ric Traynor, Executive Chairman of the firm said, "Increased activity levels in the typically busier winter months and the continued benefit of prior year cost savings, leave the Group well placed to deliver the Board's expectations for the year as a whole. The Group remains in a strong position to take advantage of opportunities to develop and enhance the business, both organically and through selective acquisitions."
Shares in the business recovery firm were trading down 2.26% at 41.05 pence per share Thursday morning.
By Alice Attwood; [email protected]; @AliceAtAlliance
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