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Begbies Traynor’s new fiscal year is off to a ‘good start’

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News Tech: Begbies Traynor, a provider of business services and consulting, stated in an update on Thursday that the new fiscal year was off to a “strong start.”

Executive chairman Ric Traynor stated that the number of new insolvency appointments was continuing to rise year over year, with a rise in the volume of larger, mid-market insolvency and restructuring cases as a result of an increase in administration activity, the company’s expanded London office, and its offshore practice.

The AIM-traded company said trading in the first quarter ended July 31 was consistent with expectations, with “encouraging” activity levels across both of its operating divisions. The company was holding its annual general meeting at the time.

Avonside Group, the largest roofing contractor in the UK, and Silverbond Enterprises, the former owner of the Park Lane Casino in London, are two notable recent additions, Traynor said in a statement to shareholders.

We made two acquisitions in the current fiscal year: Mantra Capital, a property finance brokerage with offices in London, in July; and Budworth Hardcastle, a firm of chartered surveyors, in June.

“The integration of both firms is ongoing and moving forward as planned. “Overall, the group is still in a solid position; our size, capabilities, and depth of knowledge provide us the ability to continue assisting our clients as they confront the challenges of the coming year.”

Begbies Traynor announced that its December half-year results would include an update on recent trading. Shares of the Begbies Traynor Group were up 2.08% at 143.93p at 1202 BST.

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