Begbies profits climb in 2010
Begbies posts £10.4m profits in 2010, up from £9.8m a year earlier
Revenues grew and profits held at
Begbies
Traynor for its April 2010 year end.
Its revenues were £69.1m for the year, up from £62.1m in 2009. Adjusted
profit before tax was £10.4m, from £9.8m.
The insolvency market was constrained due to quantitative easing and low
interest rates, however its revenues for the service line grew 13% to £58.9m.
Begbies has also improved its financial performance due to restructuring its
non-insolvency business.
Insolvencies will continue in the medium term, with the UK government’s ”
tough fiscal stance”, in particular on public sector spending, set to impact on
the financial stress suffered by SMEs going forward, the firm predicts.
Organic growth and acquisitions will also boost the performance of its
insolvency arm in the next year.
Its tax division made a loss in the first half of the year, but re-entered
profitability in the second half, to post a £0.6m loss for 2010.
Further reading:
Vantis
sale process months in the making
OFT
plans could push up cost of insolvency
