Begbies Traynor Group, the independent corporate insolvency and recovery company, yesterday said it was performing well.

The firm, which has a growing Birmingham office, said business was up to board expectations and the strategy of growth by recruitment and in-fill acquisition was progressing as planned.

Last week it launched Begbies Global Network, an affiliation of insolvency and related professionals.

The executive board is now "actively exploring growth into further complementary professional services", it said.

And it added: "The directors are, therefore, unaware of any reason which would explain the recent downward trend in the market price of shares in the company."

Begbies also announced it had formed a third corporate finance operation, based in its City of London office.

The development augments the acquisition of a team, based in Leeds, in May last year, which has since expanded into Manchester.

The Manchester operation was strengthened in the Summer by the addition of a further seven professionals.

In July Begbies 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.

John Kelly, senior partner of Begbies Traynor in Birmingham, said the Midlands office continued to make great progress.

"The recent recruitment of corporate insolvency lawyer Paul Harris will help us to build our liquidation practice.

"Our turnover in the most recent financial year was up 50 per cent and we will be recruiting further staff to service our expansion.

"We are keen to build on other group strengths such as corporate finance and forensic accounting, both of which are already beginning to contribute to our growth.

"Locally, we are currently in ongoing discussions to grow other aspects of our business."