Begbies Traynor reports sustainable levels of profitability in Q3

Shares in AIM-listed Begbies Traynor Group rose after the group reported that profits from continuing expectations for the quarter ending January 31st were 'in line with the board's expectations'.

The company, which provides business recovery practise services, reported that group profit from continuing operations stated before amortisation and exceptional items for the period has been consistent with the performance reported in the half-year results in December 2012.

Net debt at the end of the third quarter was also in line with the board's expectations and Begbies Traynor said it "remains comfortably within the group's banking facilities".

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Ric Traynor, Executive Chairman of Begbies Traynor, said: "The group has continued to report good, sustainable levels of profitability whilst maintaining a sound financial position. Overall the insolvency market remains challenging, despite the impression given by a number of high profile retail administrations since Christmas."

Begbie Traynor's share price was up 7.04% to 38p at 13:41 on Thursday.

MF