Begbies Traynor has seen a 10% fall in revenues, announced in its final results for the year ended 30 April 2014.
The company posted revenues of £45.8m for the year, down from £51.1m in 2013, which Begbies Traynor says is in line with market expectations as there was a 9% fall in insolvencies during the 2013 calendar year.
Despite the fall in revenues, the company saw its net debt reduced by £2.7m to £14.5m, compared to 2013, due to “strong cash generation”.
Ric Traynor, executive chairman of Begbies Traynor Group, said: “The group has maintained its market-leading position in the UK, and delivered solid profits and margins. This is despite lower levels of corporate insolvencies in the calendar year compared to 2012.
“With the benefit of our reduced cost base, a strong financial position and committed medium and long-term bank facilities, the group remains well placed to take advantage of opportunities to develop and enhance the business, both organically and through selective acquisitions.
“We also retain the capacity and expertise to handle an increase in activity levels should they arise, which would result in improved profitability due to the inherent operational gearing in the business.”
Despite falling levels of insolvency, Begbies Traynor handled over 1,000 corporate insolvency appointments throughout 2013, more than any other practice in the UK, handling 807 liquidations and 133 company administrations.
In June the company announced the acquisition of the trade and assets of Manchester-based corporate insolvency firm Ian Franses Association Ltd.