Shares of Manchester-based Begbies Traynor Group plc, the business recovery, financial advisory and property services consultancy, rose about 15% on Tuesday after it said it expects its revenue and profit for the financial year to be “comfortably ahead of market expectations.”
In a trading update for its full year ended April 30, 2019, Begbies Traynor said: “The group performed strongly in the final quarter of the financial year, as a result of which we now expect our revenue and profit for the financial year as a whole to be comfortably ahead of market expectations.
“This was driven by a number of successful fee realisations combined with continuing strong performance from both operating divisions.
“Cash collection in the period was significantly ahead of our expectations, which has resulted in a year end net debt position of £6m.
“The integration of our recent acquisitions is proceeding well and their trading in the initial post-acquisition period is in line with our expectations.”
Begbies Traynor executive chairman Ric Traynor said: “We have had a successful end to our financial year with our results anticipated to be comfortably ahead of market expectations.
“We enter the new financial year with a strong order book and favourable market conditions, and are well placed to continue our track record of earnings growth.”