Profits up at Begbies Traynor

Insolvency adviser Begbies Traynor said it made solid progress in the six months to the end of October as activity levels remain stable despite signs of wider financial distress.

Pre-tax profits rose to £3.4m during the six-month period from £3.1m the same time a year before. Revenues eased to £29.4m from £29.8m. Earnings before interest, tax, amortisation and pre-exceptional items and acquisition-related costs rose to £4.6m from £4.4m in 2010.

Adjusted pre-tax profits increased to £4.1m from £4m before.

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Executive chairman Ric Traynor said he was pleased with the progress made in the last six months against the background of a continuing uncertain economic environment in the UK.

"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," he said.

"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."

Net debt rose to £27.3m from £22.5m in April.

The interim dividend has been rebased, following a reduction of the final April 2011 dividend, at 0.6p compared to 1.2p in 2010.

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