Insolvency and corporate recovery specialist Begbies Traynor is on track to deliver its expansion programme since floating on AIM, the company has revealed.
And Begbies, which has offices in Birmingham and Stoke, said it was likely to make strategic investments in overseas business partners.
The business yesterday said the outlook for the current financial year was positive, given current market indicators.
It reported pretax profits to the end of April of £4.76 million compared to a restated £2.16 million in the seven months to the end of April 2005. Turnover rose to £33.24 million from £16.01 million in the comparative period.
Executive chairman Ric Traynor said the group had continued its strategy of expansion in its core field of general insolvency services and the addition of complementary services.
In addition, it had added a presence in consumer debt driven personal insolvency services.
He said: "Our three-year plan at the time of our AIM flotation was to double our general insolvency activity from £20 million and to add up to 20 per cent of other complimentary services in order to build total group activity of £50 million."
Two years on the business was "well on the way to delivering our planned expansion".
Mr Traynor said the company's annualised activity base was "now running at some £40 million per annum".
That figure took into account six acquisitions made in the year to April 30 and two made since then, together with organic growth from continuing activities,
Looking forward the board was primarily focused on its growth plan through further earnings enhancing acquisitions and recruitment. It was also formulating longer term initiatives and one key area was overseas development.
Mr Traynor said: "The next likely step will be to cement those links by making modest strategic investments in overseas business partners."
Mr Traynor said that given favourable market indicators, "the outlook for the current financial year is positive". ..SUPL: