7th May 2019 10:53
LONDON (Alliance News) - Shares in Begbies Traynor PLC jumped Tuesday after it said it expects profit and revenue to be "comfortably" ahead of market expectations following "strong" performances from its operating units.
Shares in Begbies were 15% higher at 69.00 pence on Tuesday.
The business recovery and property services consultancy explained the final quarter of its year ended April had seen the firm perform "strongly". As a result, the company now expects both annual revenue and profit to be "comfortably ahead of market expectations."
For the year ended April 2018, Begbies generated GBP2.3 million pretax profit on revenue of GBP52.4 million.
Begbies explained that this better-than-expected performance was "driven by a number of successful fee realisations combined with continuing strong performance from both operating divisions."
Cash collection also was "significantly" ahead of expectations. Consequently, net debt ended at GBP6 million. This was down from GBP7.5 million a year before.
Begbies also noted that integration of its recent acquisitions was "proceeding well", adding that its "initial post-acquisition period is in line with our expectations".
"We have had a successful end to our financial year with our results anticipated to be comfortably ahead of market expectations," Begbies Executive Chair Ric Traynor said. "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."
Related Shares:
Begbies