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Begbies Traynor ponders uplift from cost savings 28 September 2011


However, the recovery specialist said it anticipated that business within the GRP division was likely to be weighted towards the second half of the year.

At the company’s annual general meeting, Ric Traynor, executive chairman of the group, said trading throughout the group as a whole has been in line with expectations.

He explained: “Activity levels in the group’s insolvency and restructuring division, which accounts for 90 per cent of continuing revenues are in line with prior year.

“We continue to anticipate that the benefit of prior year cost saving initiatives should result in some incremental improvement in margins over the course of the financial year.”

Traynor said that the market level of corporate insolvencies had stabilised in the first two quarters of 2011, having fallen during the last calendar year.

He added: “Despite the lack of economic recovery, base rates of 0.5 per cent since May 2009 continue to provide a very benign financing environment for otherwise weak companies.”

In July, the group started the process of divesting its tax and red flag divisions in advance of a possible sale.

In its last full year accounts, filed in April 2010, the company declared pre-tax profits of £8.7 million based on a turnover of £69 million.

The average salary at Begbies Traynor, according to Companies House was £54,972 at that time.



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