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Begbies declares falling revenues 15 December 2011

The rescue and recovery practice posted an adjusted profit before tax of £4.1m for the six months ending October 31, compared to £4.0m in 2010.

The company attributed its rising margins to restructuring undertaken last year. However, revenue slipped from £29.8m to £29.4m while its net debt rose from £22.5m to £27.3m in April this year.

But the debt amount was yet to take into account the £2.9m sale of Begbies’ tax arm to Smith and Williamson Holdings last month.

Begbies executive chairman, Ric Traynor described the company’s performance as “solid” despite the “continuing uncertain economic environment in the UK”.

He explained: “Activity levels in the UK insolvency market have stabilised which, combined with the benefits of our restructuring in the prior year, has resulted in improved operating margins for the group.

“Overall, having completed the disposal of the tax division and making good progress with the remaining disposal plans, the board is now focussed on maximising the performance of the core businesses.”

He added the firm will provide an update on its third quarter of trading in Spring 2012.

By Andy Pearce

 

 

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