Nice results today from Begbies Traynor Group plc, the UK's leading independent insolvency, corporate rescue and recovery specialist.

http://www.uk-wire.com/cgi-bin/articles/200501070700031148H.html

This ought to make money in both a boom and a recession!
Looks like they've lots of growth to come over the medium term.
I hold with a four year (or longer) view.
Anyone else have an interest?

Considering the decline in the markets, this has held up quite well.
Worth watching, imo.
Down from previous high of 200p to 160p.

With so many co's reportedly going bust BEG should be in their element, as should VTS & TNO.
2517

IC suggested them just last week . . . but look at the PE!
This stock has risen on the back of "distress" so I suspect there are other companies that do exactly the same work - therefore without shareholders they should be cheaper and more likely to grow.
I think HARRYCAT(10Oct08) gives the right tone...caution.

LONDON, Dec 5 (Reuters) - Begbies Traynor Group Plc:
* "Six-month to end-Oct. insolvency activity levels and margins are substantially ahead of the same period last year.
* The division has accounted for approximately 80 pct of the group`s overall revenues in the first half.
* Corporate finance division operating losses in the first half at 1.0 million
pounds, significantly worse than earlier expectations.
* Group's pre-exceptional continuing activities will perform in line with
expectations for the year as whole."

Quite good news and sp gets hammered, true to say it's slipped back over recent months anyway. The sp was around this level at the time I bought TNO and I missed the good rise to around 200p ish, pe still looks high compared to TNO.
2517

As you say the trading update was quite good news, in this market it needs words like exceed expectations to move the sp. But the fall looks overdone.

http://sharecast.com/cgi-bin/sharecast/story.cgi?story_id=2565586
Considering purchase but the market hates debt!

Just picked 10,000 of these up as a bit of a punt,IC reckons they are a good buy on current P/E. Looking for 10% in the next few months. Is anyone else invested here?

This share ought to be motoring on all the gloom and doom around, instead it's touching lows not seen for at least 5 years.
2517

definitely time to dig this one out for the coming year, but with a bleak looking chart, perhaps just to watch for the moment .... buy on a break upwards through (red) 25 dma?

a little reminder to everyone .... surely this must be a good year for these insolvency specialists and historically, i see sp has been as high as 200

Surely last year should have been a good one for these guys also? Good chart to trade, but the fundamentals don't seem to live up to expectations.

they seem quite difficult to trade too, but have left a buy order at the price i'm prepared to pay

Found this audio interview whilst doing some research on Begbies Traynor Group, just wanted to share it with you guys, it an interesting listen:

http://www.brrmedia.co.uk/event/99090/ric-traynor-executive-chairman--nick-tatlor-group-finance-director

StockMarketWire.com
Begbies Traynor Group, an ndependent business recovery practice, has reported that a reduction in market activity has led to lower year on year revenue which has been partially mitigated by the contributions from recent acquisitions.

It said the first half, which includes the quieter summer months, is a relatively slow trading period, with the bias of activity expected towards the second half. This expectation remains unchanged following the first four months of the year, in line with the Group's typical seasonal trading patterns.

Executive chairman, Ric Traynor, will tell shareholders at today's AGM: "Market conditions remain challenging, with the Government insolvency statistics worse than expected. An 8% decline was reported in the number of corporate insolvency appointments to 8,948 in the first half of calendar year 2014 compared to 9,727 in the same period of 2013." He will also say: "The financial outturn for the full year will be heavily dependent on trading in our traditionally busier second half. However insolvency market conditions remain challenging, which may impact on performance for the full year.

"With the benefit of a strong financial position and committed bank facilities, we are well placed to continue to take advantage of opportunities to enhance the business through both organic investments and selective acquisitions."

StockMarketWire.com
Business recovery practice Begbies Traynor Group posts a fall in first half pre-tax profits after a 'challenging trading period for our profession'. Revenues fell to £20.8m, from £21.4m, and adjusted pretax profit fell to £1.9m, from £2.3m.

The group said the results were in line with market forecasts.

Executive chairman Ric Traynor said: "Despite a challenging trading period for our profession, with reductions in national insolvency volumes to the lowest level since 2007, we have continued to trade profitably, with results in line with market expectations.

"We have mitigated the full impact of market conditions through acquisitions completed in the current and prior year and continued cost discipline, and we have retained our market-leading position in terms of number of insolvency appointments.

"We anticipate some improvement in trading levels in the second half of the financial year, over the traditionally busier winter months as we experienced in the previous financial year. The last four months of the financial year will also benefit from the post-acquisition trading profits from the Eddisons acquisition announced today, which is expected to be earnings enhancing in the current financial year.

"Overall, the group remains well placed to take advantage of opportunities to develop and enhance the business, both organically and through selective acquisitions."

Separately, the group announced that it has conditionally agreed to acquire Eddisons Commercial (Holdings), a leading UK-based national firm of chartered surveyors with a specialism in the valuation and disposal of property and business assets.

Under the terms of the Acquisition, an initial £5 million consideration in cash is payable on completion funded through a Vendor Placing and further potential payments, in cash or equity, of up to £3.5 million may become payable contingent on financial performance, namely:

· £1.5 million cash payable on account over four years, with historic payments subject to claw back if the business subsequently underperforms;

· £1.5 million cash or equity payable after four years, based on Eddisons' cumulative performance over the four year review period;

· £0.5 million cash or equity payable between five and eight years post Acquisition.

The group also announced an equity fundraising to raise approximately £5.3 million (before costs)

- £5 million via vendor placing to satisfy initial consideration

- £0.3 million via cash placing for transaction costs

StockMarketWire.com
Begbies Traynor Group plc ("the Group"), the business recovery and property services consultancy, has reported that the number of UK corporate insolvencies in the first quarter of 2015 was 4,014, which represents an 11.3% reduction compared to the same period of last year and is the lowest level of quarterly appointments since the final three months of 2007.

Overall UK corporate insolvency appointments for the year to 31 March 2015 (the period which most closely matches the Group's financial year) were 16,380 (2014: 18,994), representing a 14% year on year reduction.

The company says has maintained its market-leading position by number of appointments and has continued to strengthen its position through the strategy of selected bolt-on insolvency acquisitions. However, this has only partially mitigated the impact of a declining market. As a result, the Board now anticipates that the outturn for the full year will be below market expectations.

The Board has continually looked to manage the Group's cost base to reflect lower levels of overall market activity, the benefits of which have been realised incrementally during the second half of this financial year and will be fully realised in future periods.

Ric Traynor, Executive Chairman of Begbies Traynor Group plc, said: "Whilst it is disappointing to have seen a further decline in the overall insolvency market in the UK, we have maintained our market-leading position and have taken action to align our cost base to current activity levels.

"We have made good progress integrating Eddisons into the Group and we are already starting to realise the synergies that the team's expertise brings to the Group's core insolvency practice."

StockMarketWire.com
Brexit could spell disaster for struggling UK exporters despite a boost from a weak pound, insolvency firm Begbies Traynor warns.

Its latest Red Flag Alert research, which monitors the financial health of UK companies, reveals that 21,061 manufacturers, many of which rely heavily on exporting, ended the first quarter in a state of 'significant' financial distress - 20% higher than the equivalent period last year (Q1 2015: 17,545) - despite the weak pound making UK exports more attractive to international customers.

Of the UK manufacturing sectors covered by the research, the number of food & beverages production companies experiencing 'significant' distress rose the fastest, at 29%, followed by a 21% increase in the broader manufacturing sector and a 17% increase in the automotive sector.

Meanwhile the Red Flag research shows that the UK's financial services sector, which has significant exposure to the European financial markets and investment community, is in a substantially weaker financial position compared to the same stage last year.

The number of UK financial services businesses suffering 'significant' financial distress is up nearly a quarter (23%) at the end of Q1 2016 to 5,391 companies (Q1 2015: 4,383), ahead of a potential Brexit to which the sector has been much opposed.

With growing uncertainty surrounding the outcome of the referendum vote in June, combined with concerns around what any future trade agreements with Europe will look like in the event of a Brexit, difficult questions have been raised over how a Brexit vote could impact the UK's already struggling exporters and financial services industry.

Begbies Traynor partner Julie Palmer said: "Our data shows that the UK's exporting industries are already under significant financial pressure and can ill afford any potential risk to the 50 percent of British exports that go into the EU.

"The Red Flag manufacturing figures show that the threat of uncertainty surrounding the referendum has already put the brakes on this segment of the economy, which should be accelerating with the benefit of recent Sterling weakness, with many UK firms adopting a 'wait and see' approach to any change to the UK's relationship with the EU.

"Considering the current struggles that the UK manufacturing industries are facing, as seen most starkly in the steel industry recently, and the significant potential impact of a Brexit vote, it is crucial that firms make contingency plans for either outcome of the Referendum to avoid further deterioration in their financial health." Executive chairman Ric Traynor added: "Given these figures, the impending threat of a potential Brexit raises difficult questions over how the UK's manufacturing sector will cope with changes in regulation and protracted periods of uncertainty associated with negotiating new trade agreements, and how the UK's financial services firms could withstand any loss of passporting rights, foreign investment or influence over EU regulation.

"The current weakness in the UK's manufacturing industries and financial services sector doesn't bode well for the UK's negotiating power with Europe and indeed other potential trade partners, should Brexit become a reality. If we do leave, the process of agreeing new trade agreements is likely to be a long and drawn out process, so businesses should, in that situation, prepare for the long haul." Story provided by StockMarketWire.com

These companies that are in a state of distress has happened during a period whilst in the EU, you could argue that many of these companies are zombie companies and have only been kept above water by the vast swathes of QE and record low interest rates.
2517

Didn't German factory orders dive last month ,YES THEY DID .