A fall in corporate insolvencies has hit profits at listed financial services firm Begbies Traynor.
The company, which has an office in Temple Row in Birmingham, said today pre-tax profit fell to £3.79 million (2013: £2.41 million) in the year to April 30, 2014, with turnover dipping to £45.7 million (2013: £51 million).
Begbies said today the results were in line with expectations and the reduced revenue and adjusted profit reflected a nine per cent reduction in UK insolvencies in the 2013 calendar year.
Executive chairman Ric Traynor said: "The group has maintained its market-leading position, having handled the largest number of corporate insolvency appointments in the UK, and delivered solid profits and margins.
"This is despite lower levels of corporate insolvencies in the calendar year 2013 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."
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